Polygon partners Mastercard and hi to create NFT debit card

Polygon blockchain has partnered with neobanking app hi and Mastercard to introduce a platform that allows users to create a personalized, web3-focused NFT debit card.

 

Holders of the NFT Debit Mastercard can spend either crypto or fiat currencies at 90 million global merchants. Users can also mint any personal NFT for the cover of their debit card with zero gas fees. The partnership is the latest strategic move by Polygon, which is trying to become the face of gasless fees for NFTs. The Polygon blockchain is the basis of the Starbucks NFT loyalty rewards beta and new blockchain gaming features from Solana’s biggest NFT marketplace, Magic Eden.

While Ethereum maintains the highest NFT trade volume by blockchain, NFT transactions on Polygon have seen a rise of 1,648% from the first to the second week of December 2022 as per data from The Block’s Data Dashboard.

According to the announcement, users who want to make the most of the new feature must download the hi app, open an account and choose a card level of Silver or higher in order to qualify for an exclusive. After this, they will be able to create custom cards using Polygon-based NFTs. Users of this service will qualify for saving on up to 20 digital subscriptions, travel advantages and Spend Rewards of up to 10%.

 

Mastercard initially collaborated with hi in September to introduce customizable NFT debit cards. Users of the company’s debit and credit card service are also able to buy NFTs as a result of a January partnership between Mastercard and Coinbase. The service is, however, limited to exclusive NFT collections like CryptoPunks and Bored Ape Yacht Club (BAYC).

Polygon helping companies expand

Bitpay, a provider of Bitcoin and cryptocurrency payment services, has recently expanded its crypto payment options by adding support for Polygon and MATIC. Following the upgrade, consumers are able to buy, store, swap and spend MATIC within the BitPay app, and BitPay app holders will be able to spend other ERC-20 tokens such as USDC, DAI, ETH and WBTC on the Polygon Network.

The difference between Polygon and MATIC is that Polygon encompasses multiple projects, the Matic network included. The Polygon (MATIC) token represents Polygon’s native cryptocurrency. MATIC is used for blockchain governance, paying transaction fees, and participating in decentralized apps (dapps).

Previously Polygon partnered with Nubank, the digital financial services platform, announcing the creation of Nucoin, the digital bank’s own cryptocurrency, expected to launch in the first half of 2023 on the Polygon blockchain network.

The company’s tokens will be distributed free of charge to customers and will serve as the basis for the creation of a new rewards program in Brazil. For the development of Nucoin, Nubank chose to enter a strategic partnership with Polygon Technology, the Ethereum scaling blockchain that enhances the functionality of Ethereum while retaining the base layer’s security and decentralization. Under the agreement between the parties, Nubank will use Polygon’s technology and technical support for the evolution and expansion of the new cryptocurrency.