MetaMask partnered with Mastercard to launch a self-service debit card pilot program
MetaMask and Mastercard launch self-service debit card pilot program in UK and EU The card converts crypto to fiat at the point of transaction using a smart contract. The card aims to increase financial inclusion and will expand to other regions over time.
MetaMask, a leading crypto wallet company, has partnered with MasterCard and digital payments company Baanx to launch a self-service debit card pilot program.
Initially available to users in the UK and EU, the card allows customers to securely hold their digital assets until they are converted to fiat currency for payments at the exact moment of transaction.
The pilot program is expected to expand to other regions from time to time, which could lead to changes in the way crypto assets are used in everyday transactions.
How does the MetaMask debit card work?
The self-sustaining debit card represents a major step forward in integrating cryptocurrency into mainstream financial systems.
When a MetaMask card is used at a retail store, online store or other merchant, an on-chain transaction is initiated, transferring tokens from the user's wallet to the “CryptoLife” smart contract. This smart contract allows the transaction through the point-of-sale system, which ensures a seamless conversion from crypto to fiat currency, which is done through the MasterCard payment network.
Users have the ability to choose which crypto assets to use for payment and also decide where to store their private keys.
Increasing financial inclusion
The Metamask Debit Card aligns with broader goals of increasing financial inclusion, particularly for the unbanked population, which according to the World Bank is more than one billion people.
Simon Jones, the bank's chief commercial officer, highlighted the potential of this technology to bring essential financial services to anyone with a mobile phone, a vision that would greatly improve access in regions with limited banking infrastructure.
Moreover, with rising inflation in countries like Argentina, this card provides a practical solution for individuals who want to protect their wealth by converting crypto assets into stable fiat currency.
The MetaMask pilot could be a big step forward for mainstream cryptocurrency adoption for everyday use, especially in a time of high inflation.
