Mastercard Initiates Collaboration with MetaMask for Web3’s First Blockchain-Based Payment Card

Global payment giant Mastercard is set to collaborate with MetaMask, a leader in the Ethereum-based external crypto wallet sector, to develop the world’s first Blockchain-based payment card for Web3.

The project, to be executed in partnership with MetaMask, will focus on creating a payment card that operates entirely in the Blockchain space. According to the project’s introduction document, the Blockchain payment card will be provided by Baanx and integrated into the Mastercard network.

MetaMask and Mastercard Join Forces for Web3 Payment Solution The potential collaboration between MetaMask, the largest external crypto wallet provider with over 30 million monthly active users, and Mastercard, a global credit and banking card network, holds the potential to bring together two major sectors.

As reported by Coindesk, certain documents suggest that the card planned for release by the two giants is being labeled as the “truly decentralized first Web3 payment solution.” Users will be able to use this card to spend their crypto assets wherever Mastercard is accepted, making it a viable option for daily expenditures.

Over the past few years, both Mastercard and Visa have been actively engaging in various partnerships and accelerating efforts to integrate their payment systems into Blockchain networks. Last year, Mastercard announced collaborations with hardware crypto wallet Ledger and MetaMask. On the other hand, Visa revealed plans to work with the Solana Blockchain using the stable cryptocurrency USDC for facilitating cross-border payments.

source: prepared by Melisa Beğiç

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