UK’s Royal Mint has developed a solid gold payment card that’s priced at £18,750 (appr. $23,460).
Royal Mint is a government-owned firm that is tasked with minting coins for the UK. The company noted that it partnered with Mastercard and payments technology firm Accomplish Financial to create the payment card.
Those who purchase the card will get access to the company’s premium account service, called Raris. The service allows users to conduct transactions without paying foreign exchange and transaction fees.
The gold payment card comes with additional Mastercard benefits such as dedicated concierge services.
Several other tech firms have introduced premium metal cards. Fintech companies N26 and Revolut offer debit cards made from stainless steel. Earlier this year, Apple began offering a titanium credit card. None of the aforementioned cards come with such a hefty price tag, though.
Made from 18-karat gold, Royal Mint’s card has been created for people “who value high quality luxury items that make a statement,” the company said.
Royal Mint is planning to launch a gold-backed exchange-traded commodity (ETC) in early 2020. It will be the company’s first product that will be listed on a stock exchange. The ETC will reportedly be listed on the UK, Italian and German stock markets.
Royal Mint CEO Anne Jessopp stated:
“The Royal Mint is constantly innovating, and as the UK’s leading precious metals solutions provider, we are hugely excited to launch the solid gold Raris card in acknowledgement of growing consumer demands for unique and luxury payments cards.”
“In association with Mastercard and Accomplish Financial, Raris – the first payment card manufactured by The Royal Mint – is a combination of over 1,100 years of Royal Mint craftsmanship with tomorrow’s payment technology.”