Blockchain initiative together with the launch of the Gnosis Card, a debit card that makes use of the new payment network, Gnosis has launched its new payment network, Gnosis Pay. Gnosis Card will expand to the US, Brazil, Mexico, Singapore, and Hong Kong in Q4 after its EU and EEA launch. The card allows users to make Visa payments, deducting funds instantly from their self-custodial wallets during transactions.
Gnosis Card sets itself apart from Web3 payment cards by not being prepaid, unlike conventional Web2 payment networks that deprive customers of money custody. During the card’s launch, Gnosis Pay will only accept the EURe stablecoin, with plans to soon integrate MakerDAO’s DAI. Gnosis Pay utilizes a custom layer-2 protocol atop Gnosis Chain, ensuring scalability for seamless transactions.
Payments are d̶u̶e̶ ̶ ̶̶̶f̶̶̶o̶̶̶r̶̶̶ ̶̶̶a̶̶̶ ̶̶̶c̶̶̶h̶̶̶a̶̶̶n̶̶̶g̶̶̶e̶̶̶ here for web3! 🦉 💳
We are extremely excited to announce Gnosis Pay and Gnosis Card, the World’s First Decentralized Payment Network and Self-Custodial Debit Card!
— Gnosis Pay 🦉💳 (@gnosispay) July 17, 2023
The Gnosis Pay team prioritized user experience and technological abstraction, ensuring users remain unaware of complexity through account abstraction and the usage of Safe. Users no longer need a seed phase because they can sign in to the online app using their wallet. Gnosis Pay initially provided a physical card and a web app; however, it soon intends to introduce a mobile app. The Gnosis Card has a 30 EURe sign-up cost.
It will make a huge shift by providing tools and APIs that will allow other wallets, DAOs, or NFT collectives to provide users with identical card goods. Its infrastructure will be accessible to other parties, making Gnosis Card its “first customer.” Ongoing discussions with potential wallets like Zerion and Bankless show promising signs of widespread adoption.
Gnosis asserts that crypto payment networks and cards are driving the widespread use of Web3-native financial primitives. Gnosis Card and Gnosis Pay aim to increase cryptocurrency acceptance in regulated financial transactions.