Wietse Wind, the founder of XRPL Labs and visionary behind the Xumm Wallet, has alluded to an imminent forthcoming enhancement that entails the seamless integration of debit MasterCard functionality into the XRPL wallet, Xumm.
On the Way to the XRP Wallet Is the Debit Mastercard
In a recent communication, Wind has divulged its current endeavors to integrate debit card functionality into the Xumm wallet. Wietse Wind disclosed their involvement in the project after an XRP supporter expressed their desire to utilize their debit card in conjunction with Xumm.
In response to the customer’s petition, the founder of Xumm Wallet expressed that using a Debit MasterCard, self-custody, card authorization, and implementing custom on ledger limits on the user’s account through utilizing a Hook are viable options.
We are engaged in the process of completing this task.
A Debit MasterCard is a form of payment that allows for self-custody, meaning you have control over your funds. It requires card authorization and can be customized with on-ledger limits for added security. This can be achieved using a Hook.
— WietseWind
The following remark is about the communication that came before it, which was about the release of improved functionality for Xumm-Tangem NFC equipment wallet cards. Wietse Wind has observed that the latest addition will allow customers to pre-fund their credit card with an amount of fifty dollars in XRP, as well as to the obligatory account reserve. This development was made possible by the recent inclusion.
In response to inquiries raised by members of the XRP Army, Wind has provided clarification regarding the designated purpose of the Tangem NFC hardware wallet card, stating that it is not intended for utilization at terminals and ATMs. Furthermore, it functions as a tangible apparatus designed to ensure the security and protection of cryptocurrency assets.
When Wietse Wind was asked about the possibility of integrating credit cards with Xumm, he revealed the existence of a prospective endeavor that is now being developed. The Tangem cards prioritize hardware-based self-custody, indicating an upcoming integration merging Xumm’s self-custody capabilities with debit card functionality.
Is It Possible That the Debit Card Feature May Include Fees?
However, it has been brought to our attention that user John Mcclain has expressed his plea to the founder of XRPL Labs regarding the integration of the debit card, emphasizing the importance of excluding the widely adopted additional +1% fee.
McClain expressed dissatisfaction with the existing custody solution offered by the U.S. exchange Uphold, citing the imposition of a notable fee for debit transactions. The individual expressed concerns regarding the potential accumulation of supplementary charges, which may have substantial financial implications.
Credit/debit cards inherently encompass various fees that facilitate additional features such as insurance, cashback rewards, and significant revenue generation. The individual expressed that the expenses above are contained within the assessed fees, necessitating the exploration of alternative remedies.
The establishment of a distinct and independent financial infrastructure can yield significant benefits in the long term.
