Global payment leader Mastercard has partnered with European crypto payments provider Mercuryo to expand support for non-custodial wallets. The collaboration introduces a euro-denominated debit card, enabling users to spend cryptocurrencies like Bitcoin stored in self-custody wallets at over 100 million merchants worldwide within the Mastercard network. Non-custodial wallets allow users to store their cryptocurrency without relying on centralized platforms such as exchanges or banks, giving users full control and responsibility for securing their funds. This type of storage has become increasingly popular among crypto enthusiasts who prefer to avoid the risks associated with centralized entities.
Mastercard’s move to support self-custody reflects a growing trend toward decentralization in finance. Christian Rau, Mastercard’s Senior Vice President for Crypto and Fintech Enablement, stated that the collaboration with Mercuryo eliminates traditional barriers between blockchain technology and conventional payments. The partnership aims to offer consumers a seamless, reliable, and secure way to spend digital assets wherever Mastercard is accepted. Founded in 1966, Mastercard operates as a global payments corporation, offering financial services in over 210 countries. The company first entered the cryptocurrency space in February 2021 when it announced support for cryptocurrencies and stablecoins on its network. Since then, Mastercard has forged partnerships with industry players such as USD Coin provider Circle and U.S.-based crypto exchange Coinbase.
Mastercard’s latest initiative with Mercuryo follows a successful pilot program launched in August, where the firm collaborated with MetaMask, a leading self-custodial crypto wallet, to offer crypto debit cards. The new venture aims to address the challenges users face when navigating between blockchain assets and traditional payment systems. The Mastercard-branded Spend card comes with fees set by Mercuryo, including a €1.60 issuance fee, a €1 monthly maintenance fee, and a 0.95% off-ramp fee. Back in May, Mastercard joined a consortium of major banks to test distributed ledger technology for settling digital asset transfers between the firms. Assets on the test network include commercial bank money, US treasuries, central bank money, and investment-grade debt, which are normally traded using separate systems.
More recently, the payment giant announced that its new “Crypto Credential” service has gone live, making peer-to-peer crypto transfers far more intuitive for average users. The service allows users of select crypto exchanges to send and receive digital assets using a Mastercard Crypto Credential Alias rather than blockchain addresses, which are long and confusing strings of random numbers and letters. Last year, Mastercard emphasized that crypto and blockchain are useful and can bring much more value to financial industries as a whole, but only when they address the security and ease of use issues to build trust. With over 500 million people now owning crypto, the partnership between Mastercard and Mercuryo aims to double that number, providing new opportunities for financial independence through on-chain solutions such as high-yield investments, tokenizing art, and sending money abroad.
Overall, Mastercard’s collaboration with Mercuryo to support non-custodial wallets and introduce a euro-denominated debit card for spending cryptocurrencies reflects a broader trend towards decentralization in the finance industry. The partnership aims to offer consumers a seamless and secure way to use digital assets at millions of merchants worldwide within the Mastercard network. This initiative builds on Mastercard’s previous efforts in the crypto space, including partnerships with industry players like Circle and Coinbase, as well as initiatives to test distributed ledger technology for settling digital asset transfers. The introduction of the “Crypto Credential” service further enhances the user experience by simplifying peer-to-peer crypto transfers and addressing security and ease of use issues in the industry. Through these initiatives, Mastercard is demonstrating its commitment to integrating blockchain technology into its payment services and catering to the growing demand for decentralized financial solutions.
