Mastercard Partners with Floki Inu to Launch Debit Card Ahead of Holiday Season

Global payments leader Mastercard is deepening its expansion into cryptocurrency services with a new partnership. In its latest move, the US-based company has teamed up with the popular memecoin ecosystem Floki Inu. As part of this collaboration, Mastercard has introduced a debit card compatible with Floki Inu tokens, currently trading at approximately $0.0002313 (roughly Rs. 0.20). The Floki Inu developers have also launched a dedicated webpage outlining the features and benefits of this new debit card.

Mastercard has unveiled its latest debit card just in time for the holiday season, catering to increased spending on gifts and shopping. The card will be available in both physical and virtual formats, with a phased rollout planned. Physical cards will be introduced gradually across 31 European countries, while virtual cards will be accessible globally, offering crypto-backed shopping and gifting capabilities.

Key features of the card include zero transaction fees and exchange rates. Users can make monthly transactions of up to 20,000 USDT. For daily limits, the physical cards allow transactions up to 20,000 USDT, while virtual cards are capped at 5,000 USDT, the official webpage for the card noted.

In a post published by the official handle of Floki, users will have to pay a one-time fee of EUR 32 (roughly Rs. 2,867) for physical cards and EUR 10 (roughly Rs. 895) for virtual cards. In addition, users will also have to pay a top-up fee of two percent, the post noted. The card can be topped up with crypto tokens including Bitcoin, Ether, USDT, USDC, Binance Coin, Solana, Floki Inu, Dogs, HMSTR, Ton, and Tether.

For Floki Inu, this card could be a way to grow its userbase. Launched in July 2021, the Floki memecoin ecosystem operates as a decentralised project, with community members actively participating in its governance. As of December 10, Floki ranks 60th on CoinMarketCap, boasting a circulating supply of 9,597,320,681,907 FLOKI tokens and a market capitalization exceeding $2.2 billion (roughly Rs. 18,912 crore).

Mastercard has been actively exploring crypto-related services for some time. In May, the payment solutions giant launched an initiative to evaluate the application of its Crypto Credential program.

Earlier this year, Mastercard launched its Start Path program and onboarded five new startups to explore blockchain's potential for developing scalable payment solutions. Additionally, in April, Mastercard partnered with 1Inch to introduce crypto debit cards.