MetaMask, a widely-used cryptocurrency wallet designed for the Ethereum blockchain, is currently in the process of testing a fully on-chain payment card integrated with Mastercard’s extensive network. The card is issued through Baanx, as revealed in promotional materials and a testing platform observed by CoinDesk.
This product would bring together two industry leaders. MetaMask, boasting over 30 million monthly active users, stands as the largest self-custody wallet for Ethereum. Simultaneously, Mastercard plays a pivotal role in the traditional financial system, globally connecting users through its extensive credit and debit card network.
The proposed payment card by MetaMask and Mastercard is being marketed as “the first ever truly decentralized web3 payment solution.” It aims to enable users to use their cryptocurrency for regular purchases at any location where cards are accepted, as per the promotional materials.
Mastercard and its competitor Visa have recently been engaging with public blockchain developer communities and providers of self-custody wallets. According to a report by CoinDesk from last October, Mastercard has collaborated with hardware wallet company Ledger and MetaMask, indicating a strategic interest in the cryptocurrency space.
Visa has been focusing on collaborations involving the USDC stablecoin and the Solana blockchain to enhance cross-border payments and address challenges such as the payment of Ethereum gas fees, aiming to streamline cryptocurrency transactions.
Consensys, the developer behind MetaMask, did not provide a comment in response to a request for information.
When CoinDesk reached out, a representative from Mastercard referred back to the company’s statement from October, highlighting their commitment to innovation within the digital asset space. This includes a variety of new products and solutions, such as the Mastercard Multi-Token Network, Crypto Credential, CBDC Partner Program, and novel card programs designed to bridge the gap between Web2 and Web3.
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