Pera Wallet, a self-custodial wallet by the Algorand Foundation, has partnered with Mastercard to enable seamless payments.
While speaking at the Decipher 2024 event, John Woods, the Chief Technology Officer at the Algorand Foundation, noted that with the Mastercard integration, it will now be possible to use the Pera Wallet to buy goods and services in the real world.
Pera Wallet Integrates with Mastercard
Woods noted that Algorand partnered with Immersive, a platform that supports centralized and decentralized payments, for this integration.
The integration will allow Pera Wallet users to access a Mastercard debit card to pay for goods and services.
The transactions will be fully on-chain, ensuring they will not lack the element of decentralization while transactions will happen in the real world.
Woods added that integrating a Mastercard debit card on-chain was only possible on the Algorand blockchain. He further stated that the Pera Wallet card was a “transparent, fully on-chain implementation.”
Woods noted that he could not give an exact launch date as some approvals were still needed. However, he said that beta access would be available within 45 days, allowing users to test the card’s features early.
Woods said,
It’s difficult to give dates, but in a couple of months, it will be ready. We are actively working on it right now, but it is a long process.
Woods was speaking at the Decipher 2024 event organized by the Algorand Foundation for builders in the ecosystem. The event attracts investors, key partners, creators, and members drawn across the Algorand ecosystem.
Algorand Price Analysis
Despite the development, the price of Algorand (ALGO) has failed to react, and it is currently following the bearish trend across the broader cryptocurrency market.
In the last 24 hours, ALGO has plunged by 1.7% to trade at $0.138 at the time of writing, according to CoinGecko.
Looking at the ALGO chart, it is clear that some buying action was in play. The Relative Strength Index (RSI) currency stands at 62, indicating moderately strong buying pressure, but the price of ALGO is yet to post any significant gains.
The RSI line also briefly crossed the 80 mark, showing that $0.13 is a good buyer entry point. Given the news around the Pera Wallet integration with Mastercard, demand for ALGO will likely increase, driving more gains.
The price has also dropped from the top Bollinger Band to the middle 20-day Simple Moving Average (SMA).
If the price stabilizes at the 20-day SMA and the RSI remains above 50, it could signal a good buying opportunity, allowing the uptrend to continue.
The momentum will show signs of weakening when the price falls below the 20-day SMA and the RSI plunges to 50 or below. If this chart formation happens, ALGO will drop lower.
