MetaMask Trials First Blockchain-Based Payment Card with Mastercard

Bittime - The crypto world is once again buzzing with the latest innovations. MetaMask is a well-known crypto wallet based on the Ethereum blockchain, currently testing payment cards that run entirely on the blockchain network (on-chain). This collaboration is with Mastercard, the global payment network giant, and Baanx as the card issuer.

The presence of this product brings together two leaders in their respective fields. MetaMask, the largest self-custody wallet, has more than 30 million monthly active users. Meanwhile Mastercard, through its global credit and debit card network, is a major player in the conventional financial system.

The MetaMask/Mastercard payment card is claimed to be "the first truly decentralized web3 payment solution". With this card, users can "spend their crypto for everyday needs, wherever cards are accepted," according to promotional materials.

Mastercard Eyes Collaboration with MetaMask, What's the Fate of Visa?

Mastercard and its rival, Visa, have recently been aggressively approaching the public blockchain developer community and self-custody wallet providers. CoinDesk reported in October last year that Mastercard had entered into a partnership with Ledger, a hardware wallet company, as well as MetaMask.

Visa, on the other hand, is working with stablecoin USDC and blockchain Solana for cross-border payments and addressing complexities like Ethereum gas fees.

MetaMask developer Consensys did not immediately respond to a request for comment. When contacted by CoinDesk, a Mastercard representative referred to the company's statement from October: "Mastercard brings our trusted and transparent approach to the digital asset space through a series of innovative products and solutions – including the Mastercard Multi-Token Network, Crypto Credentials, CBDC Partner Program, and new card that connects Web2 and Web3."

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Bridging the Gap between the Crypto World and Traditional Finance

This innovation marks a significant step in bridging the gap between the decentralized crypto world and traditional financial systems. So far, the use of crypto for daily activities is still hampered by limited supporting infrastructure. MetaMask/Mastercard payment cards have the potential to be a solution to this problem.

MetaMask wallet users can immediately use their crypto to shop at stores that accept Mastercard. Transactions will be processed in real-time on the blockchain network, eliminating the need for prior currency exchange.

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Benefits of Using a Blockchain-Based MetaMask Payment Card

Apart from convenience and convenience, blockchain-based payment cards offer several other benefits, namely:

• Transparency and Security: All transactions are permanently and publicly recorded on the blockchain, ensuring high transparency and security.
• Reduced Fees: Blockchain transactions can cut down on intermediary fees that are typically charged in traditional financial systems.
• More Inclusive Financial Access: This card has the potential to open wider financial access, especially for those who do not have a conventional bank account.

Challenges and Things to Pay Attention to MetaMask Mastercard

However, it should be noted that this technology is still in the testing phase. Some challenges to consider include:

• Crypto Volatility: Crypto price fluctuations can impact a user's purchasing power when using the card.
• Blockchain Scalability: Certain blockchain networks, such as Ethereum , still face scalability challenges that can affect transaction speed.
• Regulations: Regulations related to crypto in various countries are still not completely clear, which can give rise to legal uncertainty.

The Future of Crypto Payments with MetaMask

The MetaMask/Mastercard payment card trial is a strong indicator of widespread crypto adoption. In the future, integration between blockchain and traditional financial systems is expected to expand further.

Crypto users certainly hope that this innovation can encourage more massive use of crypto in everyday life. However, cooperation from various parties is needed, including developers, regulators and financial service providers, to create a safe, efficient and reliable ecosystem.

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How to Buy Tether (USDT) on Bittime

You can buy and sell  Tether (USDT)  in an easy and safe way via  Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Tether (USDT)  is available on Bittime with  the USDT/IDR market pair . To be able to buy  USDT/IDR  at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Tether (USDT) on Bittime . 

Monitor price chart movements  of Tether (USDT) , Ethereum (ETH) ,  Solana (SOL)  and other cryptos to find out today's crypto market trends in real-time on Bittime. 

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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.