By
Chimamanda U. Martha
April 17th, 2024
Mastercard continues to pursue its mission to support an inclusive, digital economy powered by innovation.
In a new partnership with crypto and fiat financial app, hi, Mastercard has announced the introduction of customizable nonfungible token (NFT) debit cards. Qualified cardholders can customize their debit cards with avatars from specific NFT collections they own.
Most NFT collections took a hit with the market downturn. However, data by NFTGo suggests a renewed interest in the largest NFT collections.
To be eligible for the NFT customizable cards, cardholders must be Gold members on the hi cryptocurrency exchange. They must also own specific NFT collections, including Azuki, Bored Ape, CryptoPunk, goblintown, and Moonbirds. Once ownership is verified, the cards will be issued by Moorwand according to Mastercard standards.
Sean Rach, Co-founder of hi, stated the customizable cards present an innovative way to show your online community in the real world.
How the NFT Customizable Cards Will Work
For a start, the debit cards will be available to hi members in the United Kingdom and at least 25 countries in the European Economic Area (EAA). Holders will be able to spend in fiat, stablecoins, or any cryptocurrency across 90 million locations globally.
As an incentive, users 1-10% back on their card spending. This will include rebates on hotel booking and up to 20 digital subscriptions.
Rach expressed his confidence in the innovation. He said:
“The flexibility to spend fiat, stablecoins or other cryptos, combined with attractive financial and lifestyle rewards, makes us confident that our card is a game-changer in the market.”
Mastercard Supporting Mainstream Crypto Adoption
Mastercard continues to pursue its mission to support an inclusive, digital economy powered by innovation. According to Christian Rau, Senior Vice President, Crypto and Fintech Enablement at Mastercard, the firm will make it possible to pay with crypto and NFTs as long as there is consumer interest.
In line with this, the firm partnered with several NFT marketplaces in June to launch NFT payment services. It also launched an NFT card purchase service with Coinbase in January.
“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,” said Rau.