Coindesk: MetaMask Teams Up with Mastercard to Create the First "Fully On-Chain" Crypto Payment Card

Coindesk reported that the self-custody wallet MetaMask is testing a Mastercard payment card issued by the cryptocurrency payment company Baanx. This is reportedly the first card entirely based on blockchain technology, allowing users to seamlessly make payments with cryptocurrencies, aiming to create a truly decentralized and user-friendly Web3 payment tool.

MetaMask and Mastercard May Launch First Blockchain-based Payment Card

According to information from the testing platform obtained by Coindesk, MetaMask, with over 30 million monthly active users, is collaborating with payment giant Mastercard to test a blockchain-based payment card.

Reportedly, the card will be issued through Baanx, a crypto payment provider authorized by the UK Financial Conduct Authority (FCA). Baanx recently completed a $20 million Series A funding round last week, with investors including Ledger, Tezos, and British Business Bank.

The marketing material states that users will be able to use cryptocurrencies for everyday purchases globally with the card and experience the first "fully on-chain" payment card:

This is the "first truly decentralized Web3 payment solution."

This overlaps with reports from last October, where Mastercard was seeking collaborations with MetaMask, Ledger, and payment processor MoonPay to enhance experiential marketing.

Mastercard Actively Explores Web3 with MoonPay and MetaMask for Collaboration Solutions

Currently, Consensys, the developer of MetaMask, has not responded, while Mastercard employees referenced a previous statement:

Through a range of innovative products including Mastercard's CBDC partnership program and new card payment solutions connecting Web2/Web3, Mastercard is introducing its trusted and transparent operations into the digital asset space.

Web2 and Web3 Industries Explored Payment Collaboration Solutions

Both in the Web2 and Web3 industries, MetaMask, Mastercard, and Visa are actively seeking partnerships with wallet providers or traditional payment companies to explore opportunities for cryptocurrency payments.

MetaMask

Since this year, MetaMask has been introducing transaction features and staking services for validators, collaborating with online brokerage Robinhood to provide users with an easy channel to purchase cryptocurrencies and enhance the user experience.

Mastercard

In September last year, Mastercard partnered with crypto lending company Nexo to launch the world's first dual-mode crypto card, enabling instant switching between debit and credit modes, offering cashback in Bitcoin and $NEXO, and earning up to 9% card interest.

Visa

As one of Mastercard's main competitors, Visa is also making strides by partnering with Solana to accelerate modern cross-border fund flows and launching a Web3 brand loyalty solution to enhance customer brand engagement through apps to capture the digital integrated marketing market.