• MetaMask and Mastercard launch self-custody debit card pilot program in the UK and EU.
• The card converts cryptocurrency to fiat money at the time of the transaction using a smart contract.
• The card is intended to increase financial inclusion and will be expanded to other regions over time.

MetaMask, a leading crypto wallet company, has partnered with Mastercard and digital payments company Baanx to launch a self-custody debit card pilot program.

The card will initially only be available to users in the UK and the European Union. It will allow customers to securely store their digital assets until a transaction is made, after which they will be automatically converted into fiat currency for payments.

The pilot program is expected to be expanded to other regions over time, potentially revolutionizing the way cryptocurrencies are used in everyday transactions.

How does the MetaMask debit card work?

The self-custody debit card represents a significant step forward in the integration of cryptocurrencies into mainstream financial systems.

When a MetaMask card is swiped at a point of sale, online store, or other merchant, an on-chain transaction is initiated, transferring tokens from the user’s wallet to the “Crypto Life” smart contract. This smart contract authorizes the transaction through the point of sale system, allowing for a seamless conversion from crypto to fiat currency, which is then processed through Mastercard’s payment network.

Users can choose which cryptocurrency they use for their payments and can also decide where they store their private keys.

Increasing financial inclusion

The MetaMask debit card fits into broader goals of increasing financial inclusion, particularly for the world’s unbanked population, which the World Bank estimates to be over one billion people.

Simon Jones, Chief Commercial Officer at Baanx, highlighted the potential of this technology to make essential financial services available to anyone with a mobile phone. This vision could significantly improve access in regions with limited banking infrastructure.

Additionally, with inflation skyrocketing in countries like Argentina, this card offers a practical solution for individuals looking to protect their wealth by converting cryptocurrencies into stable fiat currencies.

The MetaMask pilot could be an important step towards mainstream adoption of cryptocurrency for everyday use, especially in high-inflation environments.