A U.S.-listed crypto platform today announced plans to launch the first crypto-based debit card powered by Mastercard’s payment system.
The Voyager Debit Card will allow cardholders to instantly spend their crypto assets by automatically converting USDC, a dollar-indexed stablecoin, into fiat currency in order to transact on the Mastercard network. Card users will earn up to nine percent in annual Voyager rewards.
“With the Voyager Mastercard Debit Card, we continue to lead the future of finance by offering Voyager customers the benefit of earning rewards while being instantly able to spend their crypto on everyday purchases with the convenience of ‘a debit card,’ said Steve Ehrlich, managing director. and co-founder of Voyager.
“By basing our debit card on USD Coin (USDC), we are offering customers a predictable and rewarding way to easily hold and convert crypto for payments, while providing Voyager loyalty program members with additional rewards. “, he added.
Voyager Mastercard holders will be able to check their account balance using automated teller machines. The news comes after Voyager surpassed 1 million funded accounts, an increase of 2,225% in just over ten months.
Last month, Mastercard took a new step in the crypto space by partnering with Bakkt, a digital asset payment platform to enable its U.S. partners to issue crypto credit and debit cards from brand powered by its payment network which will allow consumers to buy, sell and hold digital assets through custodial wallets provided by Bakkt.
Starting today, consumers can pre-register for the Voyager Mastercard debit card. The Metropolitan Commercial Bank is the issuing bank and Usio will act as the program manager and processor of the initiative.
Read more: Mastercard Partners with Bakkt to Power Crypto Payments and Rewards