The collaboration will allow European crypto users to spend their assets for daily purposes easily.
Payment card service provider MasterCard is collaborating with Mercuryo, a crypto infrastructure company, to roll out its Euro-denominated crypto payments card. This effort drives MasterCard further into making crypto accessible for daily payment use cases.
The ‘Spend’ virtual debit card will witness multichain token integration, allowing users to pay with a broad range of assets wallets in the European Economic Area (EEA). As MasterCard and Mercury join hands, crypto users can transact their assets with over 100 million merchants in the former’s network straight from their self-custody wallets. The debit card also comes with Google Pay and Apple Pay integrations, making it all the more convenient to transact crypto for daily purposes.
“Web3 has relatively poor user experience standards if compared to its older brother, web2, which has been fine-tuned over a couple of decades of development. The technical barrier and friction are often too high for both web3 novices and experienced users,” Mercuryo said. Its Spend card aims to do away with those barriers by letting users “spend their crypto directly from their wallet.”
In essence, the debit card will remove the technical hassles of off-ramping crypto and provide a seamless way to spend their funds. MasterCard’s prominent fixture in the global scene for decades provides backing for transacting without the regulatory hassles crypto-native firms often witness with such endeavors.
The Spend card comes with a 1.60 Euro issuance fee and a 1 Euro maintenance fee. Every transaction will also carry a 0.95% off-ramp fee.
Spend Can Also be Utilized in a Pure Web3 Sense
Beyond daily payments, the Spend infrastructure finds Web3-specific business use cases like integration within wallet services. Its multichain capabilities will allow wallet providers to link users to numerous blockchains, including Ethereum, Solana, Near, Injective, Polkadot, Ton, and more.
