According to a news release, the cryptocurrency and financial application hi has teamed up with Mastercard to provide its customers with the first NFT-customizable fiat and cryptocurrency debit cards.
For those who have reached the Gold level in hi, if their NFT complies with Mastercard’s design guidelines, it may be used to personalize their cards.
A user’s hi Debit Mastercard may be one of six different types, each tailored to a certain membership grade. By staking HI, hi’s native coin, users may join the network. Prices for basic memberships start at roughly €10 per month.
The Reason Why Mastercard Is Taking This Initiative
It’s notable that established companies are continuing to invest in Web3 technologies, although the significance of this trend is conditional. The more widely used and accepted NFTs become, the quicker and wider their acceptance will be. Therefore, it’s in the best interest of major companies like Mastercard to experiment with them, even if just for the sake of appearance.
Christian Rau, Senior Vice President, Crypto and Fintech Enablement at Mastercard, stated in the news release that they’re pleased to be partnering with hi to provide their customers with these individualized cards along with the same high level of security they’ve come to expect from Mastercard.
Mastercard has experimented with NFTs before. The partnership with Coinbase began in January, allowing customers to buy NFTs directly using a Mastercard credit or debit card rather than having to first acquire cryptocurrency. A 5,000-piece NFT collection, comprising the work of more than 50 Miami-based artists, was also launched with the help of the company in July.
The card syncs with the user’s hi wallet and may be loaded with a variety of fiat and cryptocurrency currencies. The new Mastercard and hi card will only be able to use NFTs from the CryptoPunks, Moonbirds, Goblins, Bored Apes, and Azukis collections.
Here’s What Happens Next
The release of these cards by Mastercard and hi is hardly a paradigm-shifting Web3 development, but it might have an impact. Just seeing an NFT on a card when someone pays for coffee is a small step toward normalizing them, but every little bit helps.