Polygon partners Mastercard and hi to create NFT debit cards
Polygon blockchain has partnered with neobanking app hi and Mastercard to introduce a platform that allows users to create a personal, web3-focused NFT debit card.
NFT Debit Mastercard holders can use either crypto or fiat currencies at 90 million global merchants. Users can also imprint any personal NFT to cover the debit card without gas charges. The partnership is the latest strategic move by Polygon, which is trying to become the face of gasless fees for NFTs. The Polygon blockchain is the foundation for the Starbucks NFT loyalty rewards beta and new blockchain gaming features from Solana’s largest NFT marketplace, Magic Eden.
While Ethereum maintains the highest blockchain NFT trade volume, NFT transactions on Polygon have seen a 1,648% increase from the first to the second week of December 2022 according to data from The Block’s Data Dashboard.
According to the announcement, users who want to make the most of the new feature must download the hi app, open an account and select a card level of Silver or higher to qualify for an exclusive. After this, they will be able to create custom cards using polygon-based NFTs. Users of this service will qualify to save on up to 20 digital subscriptions, travel benefits and spend rewards of up to 10%.
Mastercard originally partnered with hi in September to introduce customizable NFT debit cards. Users of the company’s debit and credit card service can also buy NFTs as a result of a January partnership between Mastercard and Coinbase. However, the service is limited to exclusive NFT gatherings such as CryptoPunks and Bored Ape Yacht Club (BAYC).
Polygon helps businesses expand
Bitpay, a Bitcoin and cryptocurrency payment service provider, has recently expanded its crypto payment options by adding support for Polygon and MATIC. After the upgrade, consumers can buy, store, exchange and use MATIC in the BitPay app, and BitPay app holders will be able to use other ERC-20 tokens such as USDC, DAI, ETH and WBTC on the Polygon Network.
The difference between Polygon and MATIC is that Polygon encompasses several projects, including the Matic network. The Polygon (MATIC) token represents Polygon’s native cryptocurrency. MATIC is used for blockchain management, payment of transaction fees and participation in decentralized apps (dapps).
Previously, Polygon partnered with Nubank, the digital platform for financial services, and announced the creation of Nucoin, the digital bank’s own cryptocurrency, which is expected to launch in the first half of 2023 on the Polygon blockchain network.
The company’s tokens will be distributed free of charge to customers and will serve as the basis for the creation of a new rewards program in Brazil. For the development of Nucoin, Nubank chose to enter into a strategic partnership with Polygon Technology, the Ethereum scaling blockchain that enhances the functionality of Ethereum while retaining the base layer security and decentralization. According to the agreement between the parties, Nubank will use Polygon’s technology and technical support for the development and expansion of the new cryptocurrency.
