A US-listed crypto platform has today announced plans to launch the first crypto-based debit card powered by Mastercard’s payments system.
The Voyager debit card will let cardholders instantly spend their crypto assets by automatically converting USDC, a stablecoin pegged to the value of the dollar, to fiat currency in order to transact on the Mastercard network. Card users will earn up to nine per cent in annual rewards from Voyager.
“With the Voyager Debit Mastercard, we continue to lead the future of finance by giving Voyager customers the benefit of earning rewards while instantly being able to spend their crypto on everyday purchases with the convenience of a debit card,” said Steve Ehrlich, chief executive and co-founder of Voyager.
“By basing our debit card on the USD Coin (USDC) we are offering customers a predictable and rewarding way to hold and easily convert crypto for payments, while offering Voyager Loyalty Program members additional rewards,” he added.
Voyager Mastercard holders will be able to check their account balances using ATMs. The news comes after Voyager surpassed 1m funded accounts, an increase of 2,225 per cent in just over ten months.
Last month Mastercard took another stride into the crypto space by partnering with Bakkt, a digital assets payments platform to allow its US partners to issue branded crypto credit and debit cards powered by its payments network which will let consumers buy, sell and hold digital assets through custodial wallets supplied by Bakkt.
Starting today, consumers can pre-register for the Voyager Debit Mastercard. Metropolitan Commercial Bank is the issuing bank and Usio will act at the program manager and processor for the initiative.