Why Mastercard launched the first NFT card with this crypto app
According to an official announcement, payments giant Mastercard partnered with crypto-finance app Hi to launch “the world’s first non-fungible token (NFT) card. This new payment product will enable people to customize their avatars with an item from a collection consisting of these digital the assets.
According to the announcement, Mastercard and Hi will allow customers to customize their profiles once they have verified them as the owner of their NFT. This will allow the customer to use their card to spend money at one of the millions of merchants that accept the company’s debit cards.
How to get your Mastercard NFT card
In a separate post from Hi, the company said that people interested in getting the card can be on a waiting list. People just need to download or update their apps and complete the registration process.
As shown below, the process to join the Mastercard and Hi NFT card can be completed in a couple of minutes. The app has been updated with a special section to complete the process. There, users have to choose a card level, each one giving them different benefits.
The crypto clarified that people need to buy and stake their native token HI to access one of the tiers and NFT card benefits. To access the benefits, users must stake at least 100 HI tokens or 10 EUR and complete the platforms Know Your Customer (KYC) requirements.
These include the ability to use funds from their IBAN accounts, in various fiat currencies and various cryptocurrencies while accessing crypto rewards while purchasing items online. In addition, users will gain access to several digital subscriptions, and travel rewards, such as hotel discounts and more.
Members with Gold level and subscriptions and above will have access to a wide variety of NFT avatar customization with support for CryptoPunks, Moonbirds, Bored Apes Yacht Club and other popular collections in the sector.
When will the Mastercard NFT card be available?
The NFT card Mastercard and Hi clarified that the card will initially be available to customers in the European Economic Area (EEA) and Great Britain. The partners have not yet announced a launch date for the product.
However, users can “jump the queue” and gain additional benefits by staking more HI tokens. The more a user effort, the higher the membership level, benefits and priority on the waiting list. Christian Ray, Senior Vice President, Crypto and FinTech Enablement at the payments company said:
As consumer interest in crypto and NFTs continues to grow, we are committed to making them an accessible payment choice for the communities that want to use them. We are proud to work with hi to continue to drive innovation in the market and enable these customizable cards along with the safety and security you expect from Mastercard.
