MetaMask, a renowned Ethereum blockchain wallet, is currently experimenting with a revolutionary on-chain payment card supported by Mastercard’s extensive network and issued through Baanx.
MetaMask boasts the largest user base among self-custody wallets, with over 30 million active users per month.
On the other hand, Mastercard is a dominant force in traditional finance, providing essential infrastructure for credit and debit card transactions worldwide.
The proposed MetaMask/Mastercard payment card is touted as the world’s first truly decentralized Web3 payment solution. If realized, it would empower users to utilize their cryptocurrency for everyday purchases wherever cards are accepted, as stated in the marketing materials.
As of March 11, 2024, at 21:33 UTC, it has been announced that Baanx will be responsible for issuing the card. Mastercard and Visa have been discreetly engaging with public blockchain developers and providers of self-custody wallets.
Meanwhile, Visa has partnered with USDC stablecoin and the Solana blockchain to enhance cross-border payments, addressing issues such as Ethereum gas fees. Consensys, the developer of MetaMask, did not provide a comment when contacted.
