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In a recent development, Wietse Wind, the founder of XRPL Labs and the Xumm Wallet, hinted at a groundbreaking partnership with MasterCard. This partnership aims to integrate MasterCard debit cards with the XRPL wallet, potentially revolutionizing the way XRP is utilized.
Wind disclosed these plans while responding to an XRP enthusiast’s query about using a debit card with the Xumm wallet.
He stated, “Debit MasterCard, self-custody, card authorization with custom on-ledger limits on your account using a Hook.” This integration is part of XRPL’s ongoing efforts to expand its services and enhance user experience.
Working on this.
— WietseWind (🛠+🪝 Xumm @ XRPL Labs) (@WietseWind) November 26, 2023
Debit MasterCard, self custody, card authorization with custom on ledger limits on your account using a Hook. https://t.co/BOlFKlddzx
Updates on Xumm-Tangem NFC Hardware Wallet Cards
Additionally, Wind addressed updates to the Xumm-Tangem NFC hardware wallet cards. A new feature will enable users to pre-load these cards with $50 in XRP, enhancing the wallet’s functionality. However, Wind cautioned against using the Tangem NFC hardware wallet card at terminals and ATMs, explaining that it’s designed more as a secure storage method for cryptocurrencies rather than for everyday transactions.
When asked about linking credit cards to Xumm, Wind mentioned a future project focusing on merging debit cards with Xumm’s self-custody capabilities. This indicates a strategic shift towards integrating traditional financial tools with digital asset management.
Concerns Over Additional Debit Card Fees
The topic of extra fees for using the debit card feature was also raised by an XRPL user, John Mcclain. He expressed concerns about high transaction fees, citing Uphold’s custody solution as an example. In response, Wind acknowledged that fees are inherent to credit/debit card operations but are necessary to cover various benefits such as cashback and insurance. He emphasized the need for alternative solutions to mitigate these costs.
Benefits of Cryptocurrency Debit Cards for XRP Business
The introduction of cryptocurrency debit cards by Ripple, in collaboration with MasterCard, is set to provide significant benefits to the XRP business. These cards will enable customers to make purchases at retail establishments using XRP, much like traditional debit cards. This initiative is expected to enhance the mainstream acceptance and utility of XRP in everyday transactions.