MetaMask Partners with Mastercard for Self-Service Debit Card Pilot Program

• MetaMask and Mastercard have launched a self-hosted charge card pilot program in the UK and EU.
• The card uses smart contracts to convert cryptocurrencies into fiat currency at the time of transaction.
• The card is designed to increase financial inclusion and will expand to other regions over time.

Leading crypto wallet company MetaMask has launched a self-custody debit card pilot program in partnership with Mastercard and digital payments company Baanx. The card, initially available to users in the UK and EU, will allow customers to securely hold their digital assets until a transaction occurs, automatically converting them into fiat currency for payment. Over time, the pilot program is expected to expand to other regions, potentially revolutionizing how crypto-assets are used in everyday transactions.

How does the MetaMask Debit Card work?

Self-service debit cards represent a significant advancement in the integration of cryptocurrencies into the mainstream financial system. 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 “Crypto Life” smart contract. This smart contract authorizes transactions through a point-of-sale system, ensuring a seamless conversion from cryptocurrency to fiat currency, which is then processed through Mastercard’s payment network. Users have the flexibility to choose which crypto-assets to use for payments and decide where to store their private keys.

Improving Financial Inclusion

The MetaMask debit card aligns with the broader goal of increasing financial inclusion, particularly for the world’s unbanked population, which exceeds 1 billion according to the World Bank. Baanx Chief Commercial Officer Simon Jones highlighted the technology’s potential to provide basic financial services to anyone with a mobile phone, a vision that could significantly improve services in areas with limited banking infrastructure. Additionally, with inflation soaring in countries like Argentina, this card provides a practical solution for individuals seeking to protect their wealth by converting crypto assets into stable fiat currencies. The MetaMask pilot could be an important step towards mainstream adoption of cryptocurrencies for daily use, especially in a high-inflation environment.