Tezos Foundation Introduces Mastercard-Compatible Payment Card

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While BTC lingered at $57,500, XTZ Coin price increased by 4%, directly linked to recent news. Tezos was expected to announce significant news this week, which it did. Recently, the Tezos Foundation, the organization behind the crypto project, announced a Mastercard-compatible payment card.

Payment with Cryptocurrency

Tezos branded, non-custodial crypto card will work with layer2 network Etherlink. The EVM-compatible network, supported by Tezos Smart Rollups technology, focuses on efficiency. Promising fast and cheap payments, the new product will be accepted by 110 million merchants thanks to Mastercard support. The layer2 solution promises a transaction approval delay of under 1 second. If they achieve this goal, it will be a significant step towards real-world usage.

We already had an example of Mastercard and Baanx launching the MetaMask bank card. Similarly, we saw 1Inch taking a similar step. There has been a 4-year partnership and investment collaboration between the Tezos Foundation and Baanx.

Siddharth Singhal, the business development manager of Tezos developer Trilitech, said:

“We have created a non-custodial payment experience on the network, allowing users to spend their balances on the blockchain just like any Mastercard. It will work seamlessly wherever the bank card is accepted, just like Apple Pay, Google Pay, and other real-life options.”

A Baanx official said:

“There are approximately 1.2 billion people without access to financial services, as well as people who fundamentally want to break away from banks. Another use case could be the creative economy; for example, you might be running a game wallet and paying users, but you don’t want to give the revenues back to Apple. Why not go directly to the consumer?”

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