Mastercard & MetaMask working “first ever” Web3 payment solution

credit: Shutterstock
credit: Shutterstock

Mastercard is working alongside blockchain wallet provider MetaMask in developing an on-chain payments card that runs on blockchain technology. 

The payment card developed by both parties has already been hailed as the “first ever truly decentralised Web3 payment solution”, seeking to provide a seamless cryptocurrency payment experience for “everyday purchases, everywhere cards are accepted”. 

Baanx will issue the Mastercard/MetaMask blockchain payment card and will look to get off to a strong start with MetaMask boasting more than 30 million monthly active wallets, whilst Mastercard will look to leverage its global standing as a leader in payments. 

Mastercard, alongside Visa, has been ramping up efforts to explore use cases and enact varying partnerships within the wider blockchain and Web3 landscape. 

Despite cutting ties with Binance to cease the Binance Card operations working in specific South American countries, Mastercard’s partnership with MetaMask may look to be the answer for a mainstream accepted cryptocurrency card for all users to seamlessly use. 

Furthermore, the card network giant launched a partner programme aiming to find solutions to some of early phase design challenges of central bank digital currencies (CBDCs) to address fears over privacy and security concerns when issued to the private sector. 

Mastercard already has a number of partners already enlisted to the programme, such as Consensys, Fireblocks and Ripple, and calls upon more to work in a collaborative environment to find best practices for any potential release of a CBDC. 

Mastercard has been committed to blockchain innovation within its services and partnerships, exemplified by the expansion of its Mastercard Engage Network, which now extends to blockchain and digital asset innovation. 

Raj Dhamodharan, Executive Vice President, Blockchain and Digital Assets at Mastercard, commented: “Mastercard is committed to co-innovating across the industry to enable access to crypto and blockchain technology. This not only unlocks potential, but also provides greater choice in payments and commerce.

“The expanded Mastercard Engage network will help empower players across the digital asset ecosystem and beyond to fulfil their ambitions at scale, paired with the safety and security that comes with the Mastercard brand.”