MetaMask, a very popular cryptocurrency wallet for the Ethereum blockchain, is currently in the testing phase for a new on-chain payment card.
Tl;dr
- A decentralized payment card is being developed by MetaMask and Mastercard.
- It will leverage the Mastercard payment network to operate.
- Visa, Mastercard’s competitor, is also expanding its offerings in digital assets.
- Revolut and MetaMask are making it easier for MetaMask users to acquire cryptocurrency.
Innovation in the Cryptocurrency World
A technological marvel is knocking at our door. A collaboration between MetaMask and Mastercard is underway to develop what could be the first fully decentralized web3 payment solution. This advancement, as per a CoinDesk report, aims to pave the way for the everyday use of cryptocurrency in daily transactions.
A Convergence towards Digitalization
The ambitious payment card being envisioned falls in line with initiatives previously announced by Mastercard in October. “Mastercard focuses on innovative products and solutions,” including the Mastercard Multi-Token Network, Crypto Credential, and CBDC Partner Program. These initiatives aim to strengthen the connection between web2 and web3 environments, undeniably demonstrating the company’s interest in the digital assets space.
A Step Forward for Transaction Security
Furthermore, to enhance security and interactions in the blockchain ecosystem, Mastercard previously introduced a product named “Crypto Credential.” This initiative, resulting from collaborations with leading blockchain managers, targets the widespread adoption of secure blockchain transactions.
Fierce Digital Competition
In parallel, it’s worth noting that Visa, a competitor of Mastercard, is refining its offerings in the digital assets domain. Through a partnership with the web3 infrastructure firm Transak, it enabled direct crypto withdrawals and payments to Visa debit cards.
Facing this competition, MetaMask has partnered with the European neobank Revolut to simplify the process of acquiring cryptocurrencies directly within MetaMask wallets. This new service, known as Revolut Ramp, offers a more straightforward method for MetaMask users to add crypto to their wallets.