TL;DR

Mastercard launches a euro-denominated debit card that allows users to spend cryptocurrencies directly from self-custodied wallets.
The card, developed with Mercuryo, facilitates purchases at over 90 million merchants and integrates with Apple Pay and Google Pay.
It includes an issuance fee of €1.60, a monthly maintenance fee of €1, and a transaction fee of 0.95%, with instant conversion and compatibility with multiple blockchains.

Mastercard has announced the launch of a euro-denominated debit card that allows users to utilize cryptocurrencies directly from their self-custodied wallets.

This new product, developed in collaboration with the European cryptocurrency payment provider Mercuryo, enables users to make purchases both in physical stores and online without the need to transfer funds to centralized exchanges for conversion.

Over 500M people now own crypto, and we’re set to double that! Why are people turning to on-chain?

From high-yield investments to tokenizing art and sending money abroad, crypto offers countless opportunities for financial independence often inaccessible in many countries.… pic.twitter.com/IjNuwsz4jM

— Mercuryo (@Mercuryo_io) September 5, 2024

The Mastercard debit card supports cryptocurrencies such as Bitcoin, simplifying the daily spending process and enhancing the payment experience for users. However, its use involves certain costs: an issuance fee of €1.60, a monthly maintenance fee of €1, and a 0.95% transaction fee, applied by Mercuryo. Despite these costs, the card represents a significant advancement in the integration of digital assets into users’ daily lives.

Mastercard Will Bring Millions Closer to the Crypto World

The card, known as Spend, allows users to spend cryptocurrencies directly from their wallets without the need for intermediaries. It is available for use at over 90 million merchants and integrates with services like Apple Pay and Google Pay.

Spend addresses common issues in the web3 ecosystem, such as difficulties in converting cryptocurrencies to cash and technical barriers faced by both novices and experienced users.

It is notable for its speed and flexibility, allowing instant conversion of cryptocurrencies into card balance, avoiding long waits and high fees associated with traditional conversion methods. The card also offers easy integration and nearly instant issuance, being compatible with multiple blockchains, including Ethereum and Solana.

With this card, cryptocurrency users now have a robust and convenient option to manage their digital assets in their daily lives in a secure, simple, and accessible manner.

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Filed under: News - @ September 5, 2024 3:25 pm