Mastercard, the payments giant in Europe has introduced a new cryptocurrency debit card that uses non-custodial eWallets for spending.
Mastercard announced on September 5, that it has partnered up with European fintech company Mercuryo to launch a Euro debit card, which allows users to spend cryptocurrency directly from non-custodial wallets.
The debit card, dubbed Spend by Mastercard, can be used at more than 95 million retailers on their network to purchase goods and services.
What is Spend?
According to the announcement, Spend Card simplifies conversion of crypto into fiat currency for daily use by eliminating the complexity of the traditional methods.
It can be used instantly as a debit card.
Spend allows instant transactions, unlike conventional methods which often require multiple steps, expensive fees and lengthy waiting periods. Users can sell cryptocurrency on non-custodial wallets, and instantly make the funds available to their card balance.
Mercuryo and Mastercard want to eliminate intermediaries to lower risks, such as transaction blocks which are common when crypto is converted to fiat.
Spend will also support multiple blockchains, including Solana Ethereum and TON. This gives users the ability to buy and pay for crypto on different chains, with 40 cryptocurrencies supported.
The card also supports mobile payment systems like Apple Pay, Google Pay and Samsung Pay.
Spend is a wallet provider’s tool that allows them to integrate the crypto-debit card directly into their platform.
Crypto debit cards have an EUR1.60 issuance fee, EUR1 monthly maintenance fee and a 0.9% fee per transaction for converting cryptocurrency to fiat.
The Spend card is currently only available in Europe. However, there are plans to extend it to other areas in the future.
Mastercard is expanding its presence in the crypto world
Mastercard first announced its support for central bank and cryptocurrency digital assets in 2021. It cited a rise in the demand for digital currency amongst customers. The payments company has worked with various crypto-focused organizations since then.
In August 2024 for example, Mastercard will partner with Metamask, a self-custodial wallet web3 provider, to launch a program pilot for an identical self-custodial debit card. This is for European and United Kingdom users.
Mastercard teamed up with SwooPay, a mobile payment app in February to offer users the opportunity to receive loyalty rewards via cryptocurrency. Previously, Mastercard had partnered with NYSE’s Bakkt to create a similar program.
Mastercard has made a notable move in 2022, partnering up with Paxos. This partnership will help banks provide crypto trading directly to customers. Mastercard acts as the bridge between Paxos and banks. The partnership with Nexo was to launch a Mastercard crypto-backed card that allowed users to make purchases without having to sell their digital assets.
The post Mastercard launches non custodial crypto-debit card in Europe could be updated as new information becomes available
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