Based on our initial due diligence with multiple vendors, we have some details on a proposed program outline. Please see below.
The DashDirect MasterCard is a reloadable open-loop MasterCard program. The corporate-sponsored program allows anyone to instantly load funds onto their card and immediately spend the funds at any merchant who accepts MasterCard globally1. This program will be integrated into the Dash Core Group official wallet through the DashDirect mobile app for iOS and Android. Cards are issued by Patriot Bank (TM) and managed by a Program Manager. CrayPay is the Corporate Sponsor.
We believe that you should have full control of your own money. DashDirect and the DashDirect MasterCard are non-custodial. Nobody will have access to your private keys or your money, except you.
Know Your Customer (KYC)
We believe that privacy is a human right. Obtaining a DashDirect MasterCard does not require any "Know Your Customer" verification. You must register for DashDirect, so that your card is protected from unauthorized access. We comply with all requirements for issuers, card associations, regulations, local, federal and international laws. We do so while still protecting your privacy. We do not believe in economic censorship2.
We believe in making finances accessible to everyone, of any background, regardless of credit history, age, location, or citizenship status. We do not check your credit nor ask for personally identifying information that could be used for a credit check. We do not discriminate.** There are no credit or other requirements to participate in our MasterCard program.
To comply with rules, law, and guidelines from FinCEN and other regulatory bodies, you will be limited in your Transaction volume. This is a key feature that allows us to offer this program without KYC. The current limits are outlined below.
|Limit Type||Limit Amount|
|Daily Spending||$1,000 USD|
|Total Load Balance||$1,000 USD|
You will be able to use a virtual card for e-commerce transactions, with an option to copy/paste the card details into the merchant checkout page.
NFC Phone Wallets (Apple Pay, Samsung Pay, Google Pay)
You will be able to provision your card to an Apple Pay, Samsung Pay, or Google Pay wallet for simple NFC payments at merchants who support these wallet options. A list of officially-supported wallets will be provided before launch.
You will have an option to order a physical card, if you choose to. A one-time charge will apply to cover the cost of printing, encoding, and shipping the card to you. You will be able to earn back the initial cost by spending at least $750 USD at US Merchants (amount to be confirmed) within the 90 Days of activation. We will confirm the regions where this is available as well as cost for the cards before launch.
Your card will be branded as a DashDirect Rewards MasterCard.
DashDirect is fully compliant with the Payment Card Industry Data Security Standards and uses industry-leading security and tokenization to protect you and your payment information. Notably, we do not store your card details, or your wallet details. Our card issuing partners store your card details, which are represented within our systems by a token. You store and manage your own private keys within the Dash Wallet. We use bank-level security (256-bit encryption) to ensure your information is safe and secure. We use Multi-Factor and Two-Factor Authentication to prevent unauthorized access, so your card details are safe. We are still exploring tokenization architecture with our card issuance partners.
Transactions with Non-US Merchants (Planning Stages)
We seek to enable economic freedom globally. Users will be able to transact with any MasterCard merchant globally. The cost charged for foreign exchange fees is 1% of the USD amount of the transaction. Transactions at non-US merchants will not contribute toward refunding the initial physical card cost. If you make a Foreign Transaction, the amount deducted from the funds will be converted by the network or card association that processes the transaction into an amount in USD. Mastercard may use a conversion rate that is either: (i) selected from the range of rates available in wholesale currency markets (which may vary from the rate the association itself receives), or (ii) the government-mandated rate in effect for the applicable central processing date. The conversion rate used by the network is not charged by DashDirect and is not influenced by DashDirect in any way. We are still exploring how this feature can be supported and how to determine the amount we should request in Dash when currency conversion will apply on the transaction.
Rewards Program (Planning Stages)
|Transaction Type||Reward Type||Reward Amount|
|Gift Card||Instant Dash Back (Discount)||Average 5% / Up to 12%|
|MasterCard (Non-Cashback Merchants)||Not Eligible||N/A|
|MasterCard at Cashback Merchants3||Instant Cash Back (Account Balance)||TBD|
1Participation in the program and use of the card are subject to certain Transaction limits. We allow transactions anywhere that MasterCard is accepted. In the future, some merchants, merchant categories, or regions may be prohibited.
2Transactions may be subject to transaction pattern monitoring to comply with regulatory requirements. If required by law or our program partners, Cray Pay may have to remove a user from this program and terminate their card. Do not attempt to use the card for any illegal activities.
3We are very early in discussions to investigate whether the DashDirect MasterCard will be compatible with a card-linked offer provider to enable cashback offers.
* This overview represents a summary of the proposed program details which are subject to change with or without notice. Before program launch, we will confirm the final program details and make them available to the community.