MetaMask, Mastercard, and Baanx launch "world's first" crypto payment card

Today MetaMask, Mastercard, and Baanx (Crypto Life) launched the pilot of MetaMask Card — the "world's first" Mastercard payment card that enables direct spending from your MetaMask wallet. 

Eligible users can now make everyday purchases with their crypto anywhere Mastercard is accepted.

Removing barriers to spending

For too long, the process of spending crypto in the real world has been cumbersome and often requires jumping through several hoops like sending funds to an exchange, transferring it to a bank, and only then being able to spend. 

This tedious user journey has hindered mainstream adoption of crypto as a practical, real-world currency.

MetaMask Card eliminates the need for a bank to spend your crypto. 

Further, most traditional crypto cards operate similarly to prepaid cards, where one must transfer funds to a third party before spending them.

Instead, MetaMask Card functions like a debit card. Card holders can directly use the crypto in their MetaMask wallet for everyday purchases and maintain control over their funds until the exact moment of payment. 

This differs to the earlier released Nexo card, which allows you to use your digital assets as collateral to access a credit line, enabling you to make purchases without selling your cryptocurrencies. 

MetaMask Card utilises Mastercard's global merchant network, combined with the security of MetaMask and the efficiency of Linea secured by the Ethereum network. This provides a swift, cost-effective, and secure spending experience, whether online or for in store purchases.

According to Lorenzo Santos, Senior Product Manager at Consensys:

“MetaMask Card pilot gives people more freedom to spend their crypto,” says Lorenzo Santos, Senior Product Manager at Consensys. 

“MetaMask Card represents a major step to removing the friction that has traditionally existed between the blockchain and real-world commerce. This is a paradigm shift that offers the best of both worlds.”

In line with this, Simon Jones, Baanx's Chief Commercial Officer, says:

“We are so delighted to partner with Web3’s leading wallet, MetaMask, to power the financial revolution by enabling users to be their own banks.”

The pilot phase is kicking off in the EU and the UK, offering a few thousand users the chance to sign up for a MetaMask Card, which includes integration with Apple Pay or Google Pay for immediate use. Eligible currencies at launch include USDC, USDT, and WETH on Linea.

This pilot is available to a limited group of users in the EU and UK only, but 

MetaMask Card plans to expand its reach, with plans for geographic expansion into additional regions.