Mastercard and Hi app launch the first NFT debit card

    28 Sep 2022
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    Payment giant Mastercard partnered with crypto financial app Hi to launch the world’s first NFT card, an official announcement said. This new card will allow people customize their NFT avatars with an item from a collection comprised of these digital assets.

    Per the statement, Mastercard and Hi will enable customers to personalize their verified profiles with their owned NFT. This will allow the customer to use their card to spend funds at one of the millions of merchants accepting the Mastercard debit card.

    “As consumer interest in crypto and NFTs continues to grow, we are committed to making them an accessible payments choice for the communities who wish to use them. 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 Christian Ray, Senior Vice President, Crypto and FinTech Enablement at Mastercard.

    In a separate announcement, Hi said that people interested in getting the card can join the waitlist. Customers simply need to download or update their apps and complete the sign-up process. The process to join the Mastercard and Hi NFT card could be completed in a couple of minutes.

    Hi said people will need to purchase and stake their native token HI to access one of the tiers and the NFT card benefits. In order to access the benefits, users will need to stake at least 100 HI tokens or €10 and complete the platforms know your customer (KYC) requirements.

    Among the benefits are the capacity to spend funds from their IBAN accounts in different fiat currencies and cryptocurrencies while having access to crypto rewards while purchasing items online. Customers will have access to several digital subscriptions and travel rewards, like hotel discounts and more.

    Members with Gold tier and subscriptions and above will have access to a wide variety of NFT avatar customization with support for CryptoPunks, Moonbirds, Bored Apes Yacht Club, and other popular collections in the sector.

    Mastercard and Hi clarified that the card will initially be available for customers only within 25 European Economic Area (EEA) countries and the United Kingdom. The partners are yet to announce a rollout date for the product.

    Back in April, crypto service provider Nexo announced its partnership with Mastercard and e-money wallet provider DiPocket to launch a first-of-its-kind card in Europe that will let users get credit by putting their crypto assets up as collateral to draw fiat loans. The card was integrated with Google Pay and Apple Pay.

    In August, Mastercard CEO Michael Miebach announced the collaboration with Binance to launch a prepaid card called Binance Card. The card service is set to launch in Argentina first before expanding to other regions. It allowed users to purchase with a Binance card at over 90 million stores that work with Mastercard worldwide.

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