Mastercard has teamed up with Mercuryo to introduce a new euro-based crypto debit card tailored for users using self-custodial wallets. This innovation enables them to conveniently use their cryptocurrencies at a wide range of Mastercard-affiliated merchants, totaling over 100 million worldwide.
The payment giant’s latest move signifies progress in blending finance with digital assets by endorsing the adoption of non-custodial wallets for regular transactions.
Card enhances crypto spending convenience
The new card builds on Mastercard’s previous initiatives, including its recent pilot of a crypto-to-fiat card with MetaMask and Baanx. Announced on August 14, the MetaMask Card enables MetaMask wallet customers to use their crypto for everyday purchases in fiat currency wherever Mastercard is accepted. Currently, this card is limited to users in European Union countries and the U.K., with a few thousand digital-only cards in circulation.
Christian Rau, Senior Vice President of Mastercard’s Crypto and Fintech Enablement, highlighted the company’s commitment to advancing self-custodial wallet technology.
Our partnership with Mercuryo aims to remove the barriers between blockchain and traditional payments. This initiative offers a secure, reliable, and easy way for consumers to utilize their digital assets wherever Mastercard is accepted.
Rau
Mastercard continues to innovate in the crypto space
Mastercard is a multinational payment card services firm based in the United States. It offers various financial services in over 210 countries and territories.
The payment giant’s entry into the crypto industry was partly expected, given that payments are seen as one of the most important use cases for cryptocurrency. The payment giant officially announced support for cryptocurrency on its network in February 2021, citing the growing importance of cryptocurrencies and stablecoins in the payments market.
Since entering the cryptocurrency market more than three years ago, the company has partnered with several industry players, including USD Coin supplier Circle, major US-based crypto exchange Coinbase, and many more.
Despite the obstacles posed by regulations in the cryptocurrency industry, like the crackdowns targeting crypto-friendly banks like Customers Bank, studies show that there is growing interest in blockchain-powered cross-border solutions, and stablecoins are becoming more popular, too. Businesses increasingly use these solutions to streamline international transactions and broaden their presence worldwide.
Source: https://www.cryptopolitan.com/mastercard-launch-euro-crypto-debit-card/