Mastercard Collaborates With Mercuryo To Launch Non-Kustodial Crypto Debit Card

Mastercard cooperates with Mercuryo to launch a non-custodial crypto debit card (Photo; Doc. The Street)

Mastercard has partnered with blockchain payment infrastructure provider Mercuryo to launch a non-custodial crypto debit card. This card uses the euro as the primary currency and allows users to fully control their digital assets without the involvement of third parties. With this card, users can easily transact using crypto in the real world, opening up new opportunities for crypto holders to take advantage of their digital assets in their daily lives.

Launched on September 5, 2024, this debit card is designed to allow users to 'enter their own bank' by remaining in control of their crypto holdings through Web3 wallets such as MetaMask and Trust Wallet. Thus, users can make direct transactions with their crypto assets without the need to involve traditional financial custodians or intermediaries. Mastercard announced that these cards can be used in more than 100 million merchants which are part of their global payment network. Users can spend cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) anywhere Mastercard is accepted, opening up new opportunities for crypto holders to transact directly in various world locations.

The launch of this debit card began with a trial program in August 2024 when Mastercard teamed up with MetaMask to test non-custodial crypto spending capabilities. After a successful trial phase, Mastercard collaborated with Mercuryo to introduce this euro-denominated debit card to the global market. Mercuryo will be responsible for this card infrastructure, ensure a smooth transaction experience for users, and allow them to use crypto for various purchases. Quoted from Coinspeaker, Christian Rau, senior vice president at Mastercard, stated that this Mercuryo collaboration removes restrictions between traditional financial markets and the crypto economy.

"Through our collaboration with Mercuryo, we remove the traditional boundaries between blockchain and conventional payments, providing consumers who want to spend their digital assets in an easy, reliable, and safe way where Mastercard is accepted," said Rau.

Despite its global launch, Mastercard insists that the service is well-equipped with several costs. Users will be charged the issuance fee of 1.6 Euros (Rp27,326), 1 Euro monthly maintenance costs (Rp17,068), and a recall fee of 0.95% managed by Mercuryo. These costs are part of the card's operational structure, allowing transactions to run smoothly while still providing full control to users over their digital assets. Raj Dhamodharan, a senior executive at Mastercard, stressed that partnerships with Mercuryo are part of the company's commitment to support non-custodial spending. Dhamodharan also said that Mastercard's new focus on self-management of crypto assets aims to simplify the crypto buying and selling process without dependence on the centralized exchange.