Mastercard launches non-custodial crypto debit card in Europe

Payments giant Mastercard has launched a new crypto debit card in Europe that leverages non-custodial wallets to facilitate spending.

According to a September 5 announcement, Mastercard has partnered with European fintech firm Mercuryo, to roll out a Euro-denominated debit card that lets users spend cryptocurrencies directly from their non-custodial wallets.

Dubbed Spend, the debit card can be used to pay for goods and services at over 95 million merchants on the Mastercard network.

How does Spend work?

As per the announcement, the Spend card simplifies the process of converting crypto to fiat for everyday use, eliminating the complexities of traditional methods.

As a virtual debit card, it can be issued instantly for immediate access.

Unlike conventional methods that often involve multiple steps, high fees, and long waiting times, Spend enables instant transactions by allowing users to sell their cryptocurrency holdings on their non-custodial wallets and immediately make those funds available on the card balance.

By removing intermediaries, Mercuryo and Mastercard aim to reduce risks like transaction blocks that typically occur when converting crypto to fiat.

Spend is also expected to offer support for multiple blockchain networks, such as Solana, Ethereum, and TON, giving users the flexibility to purchase and pay with crypto across different chains with support for 40 cryptocurrencies.

Further, the debit card boasts support for mobile payment methods like Apple Pay and Google Pay.

For wallet providers, Spend allows directly integrating the crypto debit card into their platforms.

The crypto debit card incurs an issuance fee of €1.60, a monthly maintenance fee of €1, and a 0.95% fee for each transaction when converting crypto to fiat.

At present, the Spend debit card is only available in Europe, but the announcement noted plans to expand to other regions in the future.

Mastercard’s growing presence in crypto

Mastercard initially announced support for cryptocurrencies and central bank digital currencies in 2021, citing a surge in demand for digital assets among its customers. Since then, the payments firm has collaborated with several crypto-focused entities. 

For instance, in August 2024, Mastercard partnered with self-custodial web3 wallet provider Metamask to launch a pilot program for a similar self-custody debit card for users in Europe and the United Kingdom.

In February, Mastercard collaborated with the mobile payments app Swoo Pay to allow users to earn loyalty rewards in cryptocurrency. Before that, it had joined hands with NYSE-owned Bakkt for a similar scheme.

Mastercard made notable moves in 2022 by partnering with Paxos to help banks offer crypto trading services directly to their customers by acting as a bridge between banks and Paxos. This came after a collaboration with Nexo to introduce a crypto-backed Mastercard card, allowing users to spend without selling their digital holdings.

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