Article 6Q0AW MetaMask, Mastercard, and Baanx to Debut Blockchain-Based Debit Card to Help Solve Global Unbanking Issues

MetaMask, Mastercard, and Baanx to Debut Blockchain-Based Debit Card to Help Solve Global Unbanking Issues

by
Leah Alger
from Techreport on (#6Q0AW)
image-2-1-1200x686.png

  • MetaMask, Mastercard, and Baanx are launching ablockchain-based debit card.
  • Initially, a few thousand cards willbe piloted in Europe and the UK before expanding worldwide.
  • The aim is to help individuals in nations with inadequate banking infrastructure, such as Venezuela and Argentina.

image-2-1-300x171.png

Popular self-custodial wallet MetaMask has partnered with financial giant Mastercard and fintech firm Baanx to launch a blockchain-based debit card.

The bank card's release comes at a time when there's increasing synergy between digital assets and traditional financial services.

Initiatives like this have significant applications, such as bringing financial services to the world's unbanked population.

Let's uncover the details and why therising influence of blockchain tech in traditional finance matters.

Integrating MetaMask Wallets with Traditional Payments

Mastercard and Baanx have joined forces with MetaMask to bridge the gap between mainstream and decentralized finance, making self-custody wallet purchases more convenient, interoperable, and secure.

Bridging the gap between mainstream and decentralized financial worlds, we're making it easier for users of self-custody wallets to make card purchases everywhere Mastercard is accepted - while retaining custody of their funds until the moment of purchase.

In collaboration... pic.twitter.com/FE4TuT6pjF

- Mastercard News (@MastercardNews) August 14, 2024

The payment solution willfunction like a regular debit card for merchant payments, such as those made by retail outlets and online stores.

It enables direct purchases using digital currencies from MetaMask's wallet, giving users complete control of their funds ahead of payment.

A few thousand digital-only cards' will first be available across Europe and the UK, with broader distribution planned across other regions later this year.

MetaMask to Combat Financial Inclusion

Its ultimate aim is to be available to anyone with a mobile phone, supporting individuals worldwide who lack adequate banking services.

In 2022, around 1.4B adults were unbanked, most commonly those in rural areas with poor educational foundations.

Financial inclusion enhances innovation, gives individuals economic opportunities, and reduces poverty.

They are reasons why digital banking solutions are becoming increasingly popular. The global neobanking market is predicted to reach $6.37T this year and $10.44T by 2028.

In the blockchain sphere, more international institutions are tokenizing traditional instruments (like bonds and real estate) through security tokens, while asset managers are offering exchange-traded funds (ETFs) to meet modern investors' demands.

Another prime example is Mastercard's rival - Visa - which has collaborated with Circle and Solana to speed up international payments.

Our Verdict - MetaMask May Foster Economic Growth

The MetaMask-Mastercard-Baanx blockchain-based debit cards could foster economic growth by giving more individuals worldwide financial access.

More conventional banking services exploring blockchain technology can further democratize financial solutions, benefiting consumers with reduced costs, faster transactions, and transparency.

References

The post MetaMask, Mastercard, and Baanx to Debut Blockchain-Based Debit Card to Help Solve Global Unbanking Issues appeared first on The Tech Report.

External Content
Source RSS or Atom Feed
Feed Location https://techreport.com/feed/
Feed Title Techreport
Feed Link https://techreport.com/
Reply 0 comments