Mastercard, Metamask, and others collaborates to launch a Web3 card program.
Takeaway Points
- Mastercard, Metamask, and others collaborates to launch a Web3 card program.
- The MetaMask Card is being launched as a pilot with a select group of users in the U.K. and Europe.
What did Mastercard launch?
Mastercard on Wednesday, in a press-release said that it has collaborated with Metamask and other industry leaders across regions, issuers, card program managers, and technology enablers to launch a Web3 card program to bring the best of the mainstream and decentralized financial worlds together for users worldwide.
The standards created by Mastercard in collaboration with its partners also include know-your-customer and anti-money-laundering protocols and the ability to view transaction history and to reverse transactions.
Simon Jones, chief commercial officer for crypto payments company Baanx, said in a comment, “I think we’re building toward this vision of enabling non-custodial neobanking which is working with Mastercard on the Web3 card initiative via its Crypto Life platform. Anybody who has access to a mobile phone should be able to get access to a basic range of financial services by default. This would have huge implications in countries with large numbers of unbanked or underbanked individuals.”
“We’re having that moment of convergence where these technologies are coming into everyone’s daily lives. We will see this trend catalyze over the next few years, where more and more products embed these technologies, more and more consumers will come toward them, and you’ll see this kind of seamless marriage of worlds,” Lorenzo Santos said.
The MetaMask Card is being launched as a pilot with a select group of users in the U.K. and Europe, the company said.
Pascal Gauthier, CEO of Ledger, said, “The launch of Mastercard’s Web3 Card initiative highlights the importance of trust and transparency across transactions, whether TradFi or DeFi, and showcases the power of blockchain. The leader in critical digital asset security. While crypto’s popularity has notably increased, especially with the implementation of Bitcoin exchange-traded funds, there is still work to be done to fully embed crypto within the mainstream day to day. Ledger is honored and excited to partner with an industry titan for payment technology to bring secure transaction options for self-custody.”
Jerome Faury, CEO of Immersve, said, “We’re not just enabling people to more easily spend their crypto; we’re redefining financial freedom and inclusivity, an issuing-as-a-service platform supporting centralized and decentralized payment experiences and one of the partners in the program.“ This signifies a collective stride towards sustainable mainstream crypto utilization. Our work with Mastercard not only amplifies our impact but also propels the ecosystem towards a more secure, versatile, and user-centered future.”
The collaboration between Mastercard and MetaMask to introduce a Web3 card program represents a major step forward in merging traditional finance with the decentralized digital realm. This groundbreaking initiative expands access to Web3 assets and makes them more practical for daily transactions. By combining Mastercard’s extensive global payment network with MetaMask’s powerful digital wallet features, users can now effortlessly use their cryptocurrency for purchases, just like with a traditional credit card.
