Hi, in collaboration with Mastercard, introduces the first NFT debit card, which will be available only in 25 European Economic Area (EEA) countries and the United Kingdom. Furthermore, only Hi gold members and above are eligible.
News in a Glimpse:
- Hi, in collaboration with Mastercard, launches the first ever NFT debit card, but no release date has been announced.
- This collaboration enables Hi gold members and above to personalize the face of their debit card by using the NFT that they own.
- The NFT debit card is not just for looks; the user who owns it will also be able to enjoy special benefits.
- Mastercard’s collaboration with Hi is just one of many ventures in their quest to join the NFT craze.
Hi, a cryptocurrency and fiat financial app, has partnered with payment giant Mastercard to launch the world’s first NFT debit card. Hi’s top tier members, such as gold and above, will have access to this feature.
Users of these NFT debit cards can personalize the face of their debit cards by having their own verified NFT stamped on them. This initiative, according to Sean Rach, co-founder of hi, is a great way to show the physical world who owns such NFT.
Furthermore, Christian Rau, Mastercard’s crypto and fintech enablement vice president, stated that people’s interest in NFTs and crypto is growing all the time. He also stated that as a payment provider, they are committed to assisting communities in gaining access to the payment option of their choice.
Aside from being visually appealing, the said debit cards will allow the user to spend fiat money, stable coins, or any other digital currency the user possesses. Furthermore, these options will be accepted wherever Mastercard is accepted. Aside from that, you can use this debit card to get hotel credits, cash back incentives, and rebates on subscriptions like Netflix and Spotify.
On its first outing, this partnership will only cover a limited number of NFT collections. It will feature Azuki, Bored Ape, CryptoPunk, goblintown, and Moonbirds collections. Despite being an eligible owner of any NFT from these collections, if the user is not a gold member or above, the custom NFT debit cards will not be available.
These NFT debit cards will be available only in 25 European Economic Area (EEA) countries and the United Kingdom, in addition to supporting limited NFT collections. Its official release date has not yet been announced.
Journey to the World’s First NFT Debit Card
In a separate post from the partnership announcement, he stated that users interested in the said NFT debit cards can easily join the waitlist right now. They simply need to download the hi mobile application if they do not already have it. If they already have it, they only need to upgrade it because the team has included a special section to complete the process.
Users should select their card tier when downloading or updating, as each tier corresponds to specific benefits. The team clarified that in order to access the card tiers and NFT debit card benefits, they must first buy and stake their native token HI. They must have at least 100 HI tokens and must also meet the platform’s know your customer (KYC) requirements.
The aforementioned benefits may include but are not limited to, the ability to spend funds from the user’s respective IBAN accounts, as well as access to crypto rewards when purchasing items online.
Legacy Businesses on Web3 Space
Mastercard, for example, is experimenting with NFTs and joining the craze. According to Mastercard’s vice president in a press release, this partnership drives market innovation while also ensuring safety and security.
This is not Mastercard’s first encounter with NFTs. Earlier this year, in January, Mastercard reportedly collaborated with Coinbase to help users reduce friction when purchasing NFTs. Users had to first open a crypto wallet and purchase a digital currency before they could purchase their desired NFT.
Mastercard’s partnership shortens that process by allowing users to buy NFT directly with their credit or debit card without first purchasing a cryptocurrency. According to Raj Dhamodharan of Mastercard, it is their way of assisting the NFT market to thrive more.
Aside from that, in July, Mastercard, TIME magazine, and Salesforce partnered with the City of Miami to launch a 5,000-strong NFT collection. According to reports, the collection was created by 56 local artists “representing the city’s 56 square mile area.”
According to reports, Mastercard provided exclusive benefits to Miami NFT holders. Private cultural tours of the city and special event access are among the benefits. During the event’s execution, TIME magazine assisted in defining the city’s NFT strategy. And, with their new NFT Cloud platform, Salesforce took over management of the NFTs’ minting and primary sales processes.
In August, Mastercard announced a partnership with Binance, one of the world’s largest cryptocurrency exchanges by trading volume. The collaboration allowed Binance account holders to use their MasterCard rails and Binance crypto to pay for everyday purchases. According to reports, the card converts digital currency6 to fiat money in real time. Argentina was said to have implemented this.