XRPL Labs Founder Teases Debit MasterCard Integration
Wietse Wind, the founder of XRPL Labs and the creator of the Xumm Wallet, has dropped hints about an upcoming update that will see the integration of a debit MasterCard into the Xumm wallet.
Debit MasterCard Coming to XRP Wallet
In a recent tweet, Wind revealed that efforts are underway to incorporate debit card functionality with the Xumm wallet. This revelation came in response to an XRP enthusiast expressing the desire to use their 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 responded 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 development comes after Wind’s earlier announcement about new functionality for Xumm-Tangem NFC hardware wallet cards. The new addition will allow users to pre-fund their wallet card with $50 in XRP in addition to the account reserve.
Responding to queries from the XRP community, Wind clarified that the Tangem NFC hardware wallet card is not intended for use at terminals and ATMs but as a physical device for safeguarding cryptocurrency assets.
When questioned about the possibility of linking credit cards to Xumm, Wietse Wind disclosed a future project in the pipeline. While the Tangem cards focus on hardware self-custody, he hinted at a forthcoming integration combining Xumm’s self-custody and debit cards.
Will the Debit Card Feature Include Charges?
On the other hand, a user named John Mcclain expressed concern to the XRPL Labs founder that the debit card integration should not include the popular additional +1% fee.
Mcclain lamented that the custody solution of the U.S. exchange Uphold already charges a substantial fee for debit transactions, leading to significant costs.
In response, Wind highlighted that the inherent nature of credit/debit cards involves fees, which enable features like insurance, cashback, and substantial revenue generation. He stated that those costs are covered by the fees charged, prompting the need for alternative solutions.
Wind believes establishing an entirely separate financial infrastructure proves advantageous in the long run.