Mastercard supports another Web3 initiative.
Mastercard, global payments and technology company, has collaborated with crypto and fiat financial app 'hi' to launch customizable non-fungible tokens (NFTs) inspired debit cards.
According to the press release shared by Mastercard, the eligible cardholders will be able to use their NFTs to customize the card and use it for various purchases.
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The card customization will be available for Gold members and above who verifiably own NFT from Moonbirds, CryptoPunks, Goblins, Azukis, and Bored Apes collections.
Customers that want to become Gold members have to stake a minimum of 100,000 of the platform's native token 'hi' Dollar (HI). At the time of writing, HI retails for $0.04934. Therefore, to receive a Gold membership, customers must stake around $5,000.
When talking about the customizable debit cards, 'hi' co-founder Sean Rach noted:
Not only do the NFT cards look amazing, this is a great way for people to show which online community they belong to, but in the real world. The flexibility to spend fiat, stablecoins or other crypto, combined with attractive financial and lifestyle rewards, makes us confident that our card is a game-changer in the market.
The owners can use their 'hi' debit cards in more than 90 million locations worldwide to spend their fiat money or cryptocurrencies. The card owners can also enjoy various initiatives, ranging from hotel credits to discounts on Spotify or Netflix.
The customized cards will be available only to customers living in the European Economic Area (EEA) and the United Kingdom.
Mastercard Crypto and Fintech Enablement Senior Vice President Christian Rau said that this collaboration is a part of Mastercard’s plans to bring innovation to the market.
As consumer interest in crypto and NFTs continues to grow, we are committed to making them an accessible payments choice for the communities who wish to use them. We are proud to be working with hi to continue to drive innovation in the market and enable these customizable cards together with the safety and security you’d expect from Mastercard.
Mastercard continues to support its crypto adoption. On August 4th, Mastercard collaborated with crypto exchange Binance to launch prepaid cards in Argentina. By using this card, customers will be eligible to pay using Bitcoin, BNB, and other cryptocurrencies. Moreover, users can cash out their funds in any Mastercard-supported ATM.