Did you know? Mastercard has introduced nonfungible token (NFT) debit cards that are customizable. These cards will let cardholders who own avatars from specific NFT collections add that collection’s artwork to their Mastercard payment card.
On Monday, the debit cards were made available due to a cooperation with the European cryptocurrency exchange platform hi. The agreement enables Gold members of hi to customize their debit cards by loading them with an NFT that they can independently verify that they possess.
Here’s how Mastercard Europe announced this news with a tweet:
“NEWS! Today @hi_com_official launches the world’s first debit card featuring NFT Customization, allowing cardholders to personalize the face of their card with an NFT Avatar. “
Below are some key points on how this update on customizable Mastercard Debit Cards will unfold:
- The platform Glod membership can be availed by staking a minimum of 100,000 hi Dollars (HI), the native token of the platform, which has a value of around $4,600.
- There will be support for a select number of NFT collections, such as CryptoPunk, Moonbirds, goblintown, Bored Ape, and Azuki; however, to receive their custom cards, owners of these NFTs will first need to upgrade to the Gold membership tier of hi and verify their NFT ownership with the platform.
- The cards will enable spending in fiat currency, stablecoins, or any cryptocurrency the user holds and are accepted everywhere that Mastercard is accepted. Other perks, such as credits toward hotel stays, cash-back incentives, and discounts on subscriptions to streaming services like Netflix and Spotify, are also promoted as advantages of specific membership tiers.
- In addition, you can only purchase one of these cards if you live in one of the 25 nations that comprise the European Economic Area (EEA) or the United Kingdom.
- Mastercard’s support for crypto assets has been a driving force behind the widespread adoption of cryptocurrency payments. In June, the company even made it possible for cardholders to buy new financial tokens (NFTs) by working with numerous exchanges that trade in NFTs.
Today, Mastercard is recognized as the industry leader in payment innovation and technology, linking billions of customers, issuers, merchants, governments, and enterprises worldwide. Moreover, in the realm of global financial transactions, Mastercard holds the position of the world’s second-largest payment network,
Now a widely used and trusted payment and transaction solution globally, there’s no denying that Mastercard’s approach towards accepting and normalizing NFTs in its services will benefit the Web3 industry, investors, and NFT creators – in the present and future.