Mastercard and MetaMask Reportedly Launching On-Chain Payment Card

MetaMask is currently evaluating a Mastercard payment card, described as the first completely on-chain option. This innovation, as reported by CoinDesk today, will enable users to use cryptocurrency for regular purchases at any location accepting card payments. MetaMask serves as a widely used cryptocurrency wallet on the Ethereum blockchain, boasting over 30 million monthly active users. Mastercard, a key figure in the traditional financial sector, operates an extensive global network of credit and debit cards.

The collaboration between MetaMask and Mastercard introduces what they call the initial fully decentralized web3 payment method. Both Mastercard and its competitor Visa have been actively engaging with developers in the public blockchain community and providers of self-custody wallets. CoinDesk noted in October of the previous year that Mastercard had partnered with the hardware wallet company Ledger and MetaMask. Similarly, Visa has worked with the USDC stablecoin and the Solana blockchain to facilitate cross-border payments and tackle challenges like the Ethereum gas fees.

While Consensys, the developer behind MetaMask, has yet to comment on this development, a Mastercard spokesperson highlighted the company’s commitment to innovation in the digital asset realm as per their statement from October:

“Mastercard is bringing its trusted and transparent approach to the digital assets space through a range of innovative products and solutions – including the Mastercard Multi-Token Network, Crypto Credential, CBDC Partner Program, and new card programs that connect Web2 and Web3.”