The Royal Mint announced on Friday that it will begin production of a solid gold debit card, which will be offered to customers who open the new Raris financial account.
According to the Mint, which produces and distributes the pound coins used in the UK, the card is the world’s first payment card made from stamped precious metal.
According to the Mint, their target market is “those who value high-quality luxury items with a meaningful meaning.”
Made from 18-carat gold, the Mastercard payment card is personalized for each account holder by having their name and signature engraved directly into the precious metal.
In partnership with Accomplish Financial, a company that helps companies launch their own payment cards, the Mint offers an account with unlimited spending and no foreign exchange or transaction fees.
Metal cards have become something of a status symbol for the digital banking generation. Fintech giants Revolut and N26 recently launched premium stainless steel cards, while Apple (AAPL) launched a high-end titanium credit card in August.
The Royal Mint card is stamped with the seal of the Goldsmiths’ Company Assay Office, which has been hallmarking precious metals for over 700 years.
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It is also made from traceable metals and is certified to the Responsible Jewellery Council’s Chain of Custody. According to the Royal Mint, this is also a world first for a metal card.
The Royal Mint said on Friday that the launch of its first-ever payment card demonstrated its “ability to adapt to changing consumer demands”.
Not only does it produce British bank coins, it is also the world’s leading export mint, producing coins and medals for around 60 countries each year.
As a state-owned company, the company is obliged to generate financial returns for the British government.
“The Royal Mint is constantly looking to innovate and as the UK’s leading precious metals solutions provider, we are extremely excited to launch the solid gold Raris card in response to growing consumer demand for unique and luxurious payment cards,” said CEO Anne Jessopp.
Mark Barnett, president of Mastercard in the UK and Ireland, said the card represents the “perfect connection” between the Royal Mint’s 1,100-year history and the digital world.
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