PayProtocol, the company behind Paycoin, has revealed plans to launch its own Mastercard-powered debit card on Apr. 30.
The card will enable users to fill up their accounts with cryptocurrency and make purchases at Mastercard merchants all around the world, as stated in an announcement that was published on the company’s Medium page on April 14.
SR Saphirstein AG, a Swiss neobank, will be the partner in the creation of the card, which will support the Paycoin token PCI, as well as Ethereum and USD Coin.It is possible to use the Paycoin Mastercard for both online and offline payments, and it is compatible with both Apple Pay and Google Pay.
The monthly top-up limit for the card is one thousand Swiss Francs. The card’s self-custody structure is one of its most important aspects. In addition to providing customers with access to Mastercard’s worldwide payment network, it grants users complete management over their assets simultaneously.
Initially, the card will be available in the regions of the European Union and the European Free Trade Association. In the future, there are plans to expand the card’s availability to more countries and to support additional cryptocurrencies.
PayProtocol further mentioned that the liquidity of PCI has increased ever since it participated in the Uniswap public offering through the Arbitrum bridge. PCI is now more firmly entrenched in the ecosystem of decentralized finance, and as a result of its cheap costs and quick transactions, it is able to function as a real-time settlement asset in the broader payment model.
The use of Paycoin is already widespread in South Korea, where more than 10,000 businesses, including 7-Eleven, Domino’s Pizza, and KFC, accept PCI as a form of payment. Now that they have the new Mastercard, the team is working to expand Paycoin’s presence across the globe, beginning with Europe.
Following the news, the price of Paycoin surged by 5.7%, and the daily trading volume of the cryptocurrency increased by 900%, reaching $7.8 million, according to data provided by Coingecko.
PCI now holds the 512th position in the market with a market valuation of $70 million. Despite the fact that it is still more than 98% below its peak, the launch of Mastercard may prove to be a turning moment for adoption.
