XRPL Labs Founder Teases Debit MasterCard Integration with Xumm Wallet
Wietse Wind, the creator of the Xumm Wallet and founder of XRPL Labs, has hinted at an upcoming update to integrate a debit MasterCard into the XRPL wallet Xumm.
Debit MasterCard Coming to XRP Wallet
In a recent tweet, Wind revealed ongoing efforts to incorporate debit card functionality with the Xumm wallet. This revelation came after an XRP enthusiast expressed a desire to use his debit card with Xumm.
“Debit MasterCard, self custody, card authorization with custom on ledger limits on your account using a Hook,” the Xumm wallet founder replied to the customer’s request.
Working on this. Debit MasterCard, self custody, card authorization with custom on ledger limits on your account using a Hook. https://t.co/BOlFKlddzx
— WietseWind (🛠+🪝 Xumm @ XRPL Labs) (@WietseWind) November 26, 2023
This update follows Wind’s earlier announcement about new functionality for Xumm-Tangem NFC hardware wallet cards, which will allow users to pre-fund their wallet card with $50 in XRP in addition to the account reserve.
Responding to inquiries from the XRP community, Wind clarified that the Tangem NFC hardware wallet card is not meant for use at terminals and ATMs, but rather as a physical device for securing cryptocurrency assets.
Regarding the possibility of linking credit cards to Xumm, Wind hinted at a future project in the pipeline that would combine Xumm’s self-custody and debit cards.
Will the Debit Card Feature Include Charges?
Some users expressed concerns about potential fees associated with the debit card integration. John Mcclain, for example, pleaded with Wind that the debit card integration should not include the popular additional +1% fee.
Mcclain pointed out that the custody solution of the U.S. exchange Uphold already charges a substantial fee for debit transactions, leading to significant costs over time.
In response, Wind highlighted that credit/debit cards inherently involve fees to cover features like insurance, cashback, and revenue generation. He emphasized the need for alternative solutions to avoid excessive costs for users.
Wind believes that establishing a separate financial infrastructure will prove advantageous in the long run.
As Wind continues to innovate and expand the capabilities of the Xumm wallet, users can look forward to the potential integration of a debit MasterCard, offering enhanced convenience and functionality for managing XRP assets.
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