asterCard launches Spend in collaboration with a crypto payment service provider Mercuryo. Spend will enable any crypto holder to spend their money and make payments directly from their self custody wallets, think of Spend as your crypto Debit card for day to day purchases.
Key Features and Functionality
A very important feature of Spend is that it works as a euro-denominated debit card which allows users to pay using Apple Pay and Google Pay. Moreover, Spend enables multi-chain capabilities and so it can process transactions on a variety of blockchain such as Ethereum and Solana amongst others. The card does not require any high fee for issuance, maintenance as well as withdrawals making it attractive for many.
Availability and Expansion Plans
Currently the service is only available for European customers. However Mastercard is planning on expanding the Spend service for a variety of countries and markets. This strategic move by Mastercard will integrate cryptocurrency payments into the global payment system.
Mastercard's Crypto Initiatives
This launch is part of Mastercard’s continuous drive to integrate the physical and the digital payments system together. The firm has in the recent past released the Crypto Credential system, which enhances the exchange and use of cryptocurrency between individuals in the European market.
A Step Towards Mainstream Crypto Adoption
The launch of Spend is a huge milestone for the crypto industry and its users, as most crypto users find it difficult to pay for day to day goods and services with crypto. This move will make it a lot more efficient and seamless as it will integrate cryptocurrency payments into the global payment system getting crypto one step closer to mass adoption.
