Ripple introduces its MasterCard payment card
2 min readAfter months of litigation with the SEC, with the Ripple gaining ground, another positive news is coming in, which could definitely tip the scales in favor of the Ripple, ending the negative period of recent months.
XRP MasterCard debit card
Uphold, a global digital money platform, has announced a merger with GlobaliD’s digital identity platform to introduce XRP cards in the form of debit cards from Mastercard. The attraction will be cashback up to 5%, paid in XRP.
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The XRP debit card attempts to combine the power and flexibility of the Uphold platform with the oversight that GlobaliD provides. With this debit card, users could pay in Fiat or Digital Currencies, but cashback would always be in XRP. This means that users can continue to pay for goods and services as usual, while with cashback, XRP will accumulate in their digital wallets. Users can then use the obtained XRPs as they see fit.
JP THIERIOT, CEO of Uphold, said: “The Ripple community is one of the most active in the cryptosector and is one of Uphold’s largest users. It’s great that we can give them back their support in this way in the form of this fantastic innovation.”
Tempting cashback
Mastercard’s XRP debit card will allow users to use multiple cryptocurrencies as well as fiat currencies to earn up to five percent XRP cashback. The number of cryptocurrencies and fiat currencies that can be used is more than 50. To obtain a 5% cashback, the first 100 users must spend $ 10,000 during the first three months of using the card. Then the cashback value settles to 2% of the transaction volume. In practice, this means that if you paid a total of € 500 per month with this payment card, you would receive a € 10 cashback in XRP, which is certainly not a negligible amount in the long run.
For XRP, this is a big step towards wider adoption even among retail investors. Until now, XRP has focused primarily on large financial institutions and banks through its products. Although this cryptocurrency has many opponents because it is not a “cryptocurrency” in terms of decentralization, progress, and most importantly – real-life use – cannot be denied.
