Ethereum wallet provider MetaMask has partnered with Mastercard and reportedly entered the testing phase for a new cryptocurrency payment card. This collaborative effort aims to establish a connection between the decentralised realm of Web3 and traditional financial systems.

According to a report from CoinDesk, the proposed card would function entirely on the blockchain, facilitated by Baanx and operating within Mastercard's extensive network. This integration aims to combine MetaMask's sizable user base of 30 million with Mastercard's global payment infrastructure, allowing users to leverage their cryptocurrency assets for transactions at any establishment accepting card payments. Documents outlining the initiative cited by Yahoo Finance describe the card as the inaugural decentralised payment service for Web3.

It aims to empower users to directly leverage their crypto holdings for everyday purchases wherever card payments are accepted. However, it's worth noting that neither MetaMask nor Mastercard has officially confirmed this assertion. This development underscores the increasing interest of financial giants in the Web3 domain.

Mastercard, as well as its competitor Visa, has been actively engaging with public blockchain developers and providers of self-custody wallets. While Mastercard collaborates with MetaMask and hardware wallet company Ledger to enhance its Web3 offerings, Visa focuses on cross-border payments involving Circle's USDC stablecoin and the Solana blockchain. What else has been going on with MetaMask? MetaMask is a software cryptocurrency wallet used to interact with the Ethereum blockchain.

It allows users to access their Ethereum wallet through a browser extension or mobile app, which can then be used to interact with decentralised applications. In August 2023, MetaMask collaborated with payment service provider and regtech platform Banxa to implement Apple Pay’s 1-click service. Through this partnership, users of the cryptocurrency wallet MetaMask gained the ability to purchase cryptocurrencies with greater ease.

This collaboration, initially announced in February 2023, aimed to improve the buying experience for MetaMask users by incorporating Apple Pay's '1-click' service. Unlike other on- and off-ramp services connected to MetaMask, Banxa exclusively offers this streamlined checkout process. At the time, representatives from MetaMask clarified that this integration targeted returning users who have previously established accounts with Banxa and completed the necessary KYC (Know Your Customer) procedures.

While the integration didn’t eliminate these steps entirely, its primary objective was to minimise friction during subsequent purchases, allowing users to proceed to the final step without repeating prior actions. .