By George Ward
Polygon, a layer-2 scaling solution, recently revealed its collaboration with a payment platform, Mastercard, and hi blockchain network. In addition, their partnership is geared towards creating a blockchain-based NFT debit card to facilitate seamless transactions for users.
Polygon, Hi Network, And Mastercard To Build A NFT Debit Card
According to the official statement, the three partners are working on enabling seamless and easy transactions in the Web3 sector. The proposed NFT Debit Mastercard would enable users to pay expenses with traditional currencies or cryptocurrencies.
In addition, the card would be useable by about 90 million MasterCard merchants worldwide. Furthermore, the initiative allows users to mint a personal NFT on the Polygon network without paying minting fees.
Also, users can design their debit card cover with the minted NFT. With the new development, the Polygon network is one step closer to actualizing its long-term goal of becoming a zero-transaction fee platform for meeting NFTs.
Currently, Ethereum rules the NFT sector with the highest trade volume. Nonetheless, the Polygon network recently recorded a massive increment of 1,648% in NFT trading volume in the first two weeks of December. Users must install the Neo banking hi mobile app and register to take advantage of the new initiative.
Afterward, they are to choose the Silver card level or higher card levels about it to be eligible for the service. In addition, users would be entitled to some perks like travel slots, a cash-back reward of 10%, and can save up to 20 virtual subscriptions.
Previously, Mastercard and hi network had collaborated to launch customizable debit cards for NFTs. In addition, Mastercard partnered with Coinbase to allow users to buy NFTs with Mastercards.
However, the utility case of the card was limited to two NFTs; Bored Ape Yacht Club and CryptoPunks.
Polygon’s Expansion Drive Continues
Polygon network is an Ethereum layer-2 scaling solution that improves the functionality of Ethereum without changing the decentralization and secured nature of the layer-1 protocol. Recently, Bitpay, a digital asset payment provider, integrated Polygon and MATIC on its platform to widen its payment options.
The integration enabled users to purchase, swap, sell and store MATIC tokens on the platform. In addition, customers could send USDC, ETH, DAI, wrappedBTC, and other ERC-20 tokens on the Polygon network via the BitPay app.
Furthermore, Nubank and Polygon collaborated to create Nucoin, Nubank’s digital token. According to the deal, Polygon would provide technical and technological aid for the expansion and involvement of Nucoin.
According to reports, the token will be launched on the Polygon platform in Q1 of 2023. In addition, Nucoin would be gifted to customers at zero fees. Also, it would be used as the transaction token during the reward program coming up in Brazil next year.