- Mercuryo is teaming up with Mastercard to launch a crypto debit card, enabling users to spend or cash out crypto.
- The virtual ‘Spend’ card integrates with Apple Pay and can be used at Mastercard’s 90M+ network of merchants.
- Mastercard expanded its support for self-custody crypto wallets following its partnership with MetaMask in August.
Global payment giant Mastercard has teamed up with Mercuryo to launch ‘Spend,’ a crypto debit card that supports non-custodial crypto wallets. The announcement follows the release of MetaMask’s crypto-to-fiat debit card with Mastercard.
Read on to discover more about the partnership and how it is going to benefit European Economic Area (EEA) crypto users.
Off-Ramp Service and 90M+ Network of Merchants
The virtual payment card ‘Spend’ enables users in the European Economic Area to exchange their crypto for fiat. They can also make purchases through Mastercard’s network of over 90M merchants worldwide, per Mercuryo’s Thursday statement. Mercuryo plans to roll out Spend in other regions soon.
Mercuryo aims to make Spend a widely accepted payment method by leveraging its security and off-ramp service.
The collaboration further supports non-custodial crypto wallets that enable users to spend their digital assets directly from their wallets (with their own private keys) without an intermediary.
Virtual Spend card includes numerous features, including:
- Works with Apple Pay and Google Pay
- Pay online and in-store
- A multi-chain card compatible with Ethereum, Solana, TON, and more
- Available at Mastercard’s 90M+ network of merchants
- Card issuance up to €2,5K
- A spending limit of €40K per month
Mercuryo’s Mastercard-branded Spend card incurs a €1.6 issuance fee, a €1 monthly maintenance fee, and a 0.95% fee during the process of converting crypto to fiat.
Expanding Self-Custody Wallets Support
Mastercard understands the growing role of digital assets for payments. It recently announced its support for self-custody (or non-custodial) wallets to make it easier for consumers to spend their cryptocurrency. It also comes at a time when investors are trying to avoid crypto exchanges.
Mt.Gox crypto exchange, which handled over 70% of all $BTC transactions in 2014, filed for bankruptcy after hackers accessed the company’s hot wallet. Following a decade of legal proceedings, Mt.Gox was set to begin repaying victims in July 2024.
In August, Mastercard teamed up with self-custodial MetaMask to launch a debit card, allowing users to pay with crypto anywhere where Mastercard is accepted. You can read Mercuryo’s Privacy Policy for details regarding how your personal information will be used.
Beyond the Horizon
The Mastercard-Mercuryo crypto debit card offers crypto holders more convenience and financial access.
Mastercard has achieved another milestone in its crypto efforts, though remember to DYOR before investing in digital assets.
References
- Mercuryo Launches Next-Gen Payment Solution: Easily Embed Spend Crypto Debit Card (mercuryo.io)
- Inside the making of a self-custody Web3 card for a Web2 world (mastercard.com)
- Why Mastercard is bringing crypto onto its network (mastercard.com)
- Privacy Notice (mercuryo.io)
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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