MetaMask, the world’s biggest self-custody wallet, is testing an entirely on-chain payment card solution on MasterCard’s network. Issued by Baanx, the card would let users spend their crypto assets "on everyday purchases, everywhere cards are accepted," according to a report.

With the increasing mainstream appeal to Web 3.0, this innovative payment card system will unite the two financial giants in their respective fields in a bid of increasing blockchain adoption. Considering MetaMask’s 30 million active users and MasterCard’s global credit and debit card network, this partnership promises to be groundbreaking.

The payment card would be "the first ever truly decentralized Web 3.0 payment solution," allowing users to spend their crypto assets "on everyday purchases, everywhere cards are accepted".

It is noteworthy that MasterCard and its rival Visa have been quietly rallying public blockchain developer communities and self-custody wallet providers recently. A reliable source revealed that MasterCard has been working with hardware wallet firm Ledger for blockchain payment arrangements. Likewise, Visa has been working with the USDC and Solana on cross-border payments, smoothing out concerns like exorbitant Ethereum gas fees.