PayProtocol, the entity behind Paycoin, has announced its intention to launch a Mastercard-powered debit card on April 30.
As detailed in an announcement on April 14, the card will enable users to fund it with cryptocurrency and make purchases at Mastercard-affiliated merchants worldwide. It is being developed in collaboration with Swiss neobank SR Saphirstein AG and will support Paycoin’s token PCI, Ethereum (ETH), and USD Coin (USDC).
With a monthly loading cap of 1,000 Swiss Francs, the Paycoin Mastercard will be usable for both online and offline transactions and will work with Apple Pay and Google Pay. A notable feature of the card is its self-custody structure, offering users complete control over their assets while allowing them to access Mastercard’s extensive payment network.
The card will initially be available in the EU and the European Free Trade Association regions, with intentions to expand into other countries and incorporate additional cryptocurrencies in the future. PayProtocol also mentioned that since PCI was made available on Uniswap via the Arbitrum bridge, it has seen an increase in liquidity.
More firmly positioned within the decentralized finance landscape, PCI is poised to act as a real-time settlement asset within PayProtocol’s broader payment framework, thanks to its low transaction fees and quick processing times.
In South Korea, Paycoin has already gained significant traction, with more than 10,000 businesses, including 7-Eleven, Domino’s Pizza, and KFC, accepting PCI as a method of payment. With the introduction of the Mastercard, the team aims to bolster Paycoin’s presence on the global stage, starting with Europe.
Following the announcement, Paycoin’s price surged by 5.7%, and its daily trading volume skyrocketed by 900% to $7.8 million, according to data from Coingecko. Currently holding a market cap of $70 million, PCI ranks 512th, and the Mastercard launch could be a pivotal moment for its adoption, even though it remains over 98% below its all-time high.