Per an official announcement, payment giant Mastercard partnered with crypto financial 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 comprised of these digital assets.
According to the announcement, Mastercard and Hi will allow customers to personalize their profiles once they verified them as owners of their NFT. This will allow the customer to use their card to spend funds at one of the millions of merchants accepting the company’s debit card.
In a separate post from Hi, the company said that people interested in getting the card can join the waitlist. People simply need to download or update their apps and complete the sign-up process.
As seen 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. Therein, users will need to select a card tier, each one provides them with different benefits.
The crypto clarified that people will need to purchase and stake their native token HI to access one of the tiers and the NFT card benefits. In order to access the benefits, users will need to stake at least 100 HI tokens or 10 EUR and complete the platforms know your customer (KYC) requirements.
These include the capacity to spend funds from their IBAN accounts, in different fiat currencies, and different cryptocurrencies while having access to crypto rewards while purchasing items online. In addition, users will have access to several digital subscriptions, and travel rewards, such as hotel discounts, and more.
Members with Gold tier 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.
The NFT card Mastercard and Hi clarified that the card will initially be available for customers in the European Economic Area (EEA) and the United Kingdom. The partners are yet to announce a rollout date for the product.
However, users can “jump the queue” and obtained additional benefits by staking more HI tokens. The more a user stake, the higher their membership tier, benefits, and their priority on the waitlist. Christian Ray, Senior Vice President, Crypto and FinTech Enablement at the payment company said:
As consumer interest in crypto and NFTs continues to grow, we are committed to making them an accessible payments choice for the communities who wish to use them. We are proud to be working with hi to continue to drive innovation in the market and enable these customizable cards together with the safety and security you’d expect from Mastercard.
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