PayProtocol AG launches 'Paycoin Mastercard'... "Global online and offline payments"

A debit card that allows physical payments with PayCoin (PCI) will be launched under the Mastercard brand.

PayProtocol AG announced that it has signed a service contract with SR Saphirstein AG, a Swiss-based neobank, and will officially launch the "PayCoin Crypto Mastercard" on the 30th.

This card is issued through PayProtocol AG's global app and allows users to load and pay with their PayCoin (PCI). The usage limit is up to 1,000 Swiss francs (approximately 1.66 million KRW) per month. It can be used anywhere Mastercard is accepted worldwide, and can be registered with Google Pay, Apple Pay, etc., for offline store use, or by registering the card number on simple payment and online shopping platforms for online payments.

Additionally, cryptocurrencies familiar to overseas customers such as Ethereum (ETH) and USD Coin (USDC) will also be supported. Since there are no currency exchange fees, it is expected to replace traditional travel cards. As the service becomes active, the demand and circulation of virtual assets used for payments will naturally increase, which is expected to secure the value stability of these assets.

Issuance of the PayCoin Mastercard will primarily focus on European Union (EU) and European Free Trade Association (EFTA) member countries, with plans to expand the applicable countries and supported virtual assets in the future. PayProtocol AG plans to expand the ecosystem with various financial services such as virtual asset-based rewards, vouchers, and credit services starting with this service.

A representative from PayProtocol AG stated, "The new virtual asset payment card is the first step toward establishing a practical global virtual asset payment environment," adding, "We aim to increase real use cases continuously with a global virtual asset payment service centered on PayCoin (PCI)."

Meanwhile, crypto card services like the PayCoin Mastercard are evaluated as ideal virtual asset payment services because they combine decentralization advantages such as 'Self-Custody' with the use of global payment networks. According to a market research firm, the market size was about 1.5 billion USD last year and is expected to reach approximately 5 billion USD by 2032.