After watching the Morph roadmap released on 2025/8/14, I am more convinced that Morph Pay's competitors will be Mantle UR, which I participated in the internal testing of not long ago. Both are expanding their financial suites towards the direction of a 'Super App'.
Based on Morph's extended roadmap and my experience using Mantle UR, I have organized several advantages of both parties:
Morph Pay
Empowerment of physical cards
Morph Black Card, Morph Platinum Card, unlike most payment track projects that only issue virtual cards, Morph Pay offers physical high-end cards and continuously adds extra benefits, such as Roam eSIM, SGB bank accounts, UMY discounts, etc.
Income products
According to the roadmap, Morph plans to launch income product features in Q3/Q4 of 2025, which means that user assets will not just sit idly in payment accounts, but can also generate diverse financial returns, embodying the concept of 'use as needed, earn as you go'.
Token issuance expectations
Since Morph itself is a blockchain and has not yet issued tokens, it can incentivize users to deposit funds and support merchant payments through token airdrops, etc.
Mantle UR
Swiss bank account
Registering for UR will automatically assign a user an IBAN account, meaning users have a legally regulated Swiss bank account, making FX (foreign exchange trading) easier to control and more trustworthy.
Mantle treasury financial support
The Mantle Treasury is a major selling point of Mantle. If all goes well, Mantle will use the treasury funds to provide incentive activities for the UR app to boost user interest, such as the recently concluded Welcome Event (with a weekly $3000 prize pool).
Mobile payment popularity
The current beta version of the UR app supports Apple Pay, Google Pay, WeChat, and Alipay, allowing both European and American users as well as Chinese users to have appropriate binding payment methods. Perhaps the next step will support more mobile payment options for specific countries.
Common characteristics of both
Both are moving towards financial applications (Super-App), attempting to bridge the asset flow between traditional finance and on-chain finance.
Both support FX (foreign exchange trading), allowing users to have multiple currency options for deposits and withdrawals.
All are blockchain financial applications incubated by top exchanges, with a strong investment background.
What are the key points of winning or losing?
As it stands, Mantle UR is slightly ahead, having opened to the public for beta participation through limited invitation codes; while Morph still lingers in a quiet on-chain ecosystem atmosphere. Perhaps we need to wait for the Morph token airdrop or the issuance of physical cards like the black card and platinum card to generate some heat.
However, both are still in the early development stage, so I believe the key to winning or losing still depends on the following points:
Fees: Deposit/Withdrawal fees, Consumption fees
Rebates: Whether to conduct rebates through consumption, activities, etc.
Popularity: Diversification of payment methods, degree of merchant application support, etc.
Of course, there are also some details that will influence user adoption, such as security, token return rates, ecosystem application suites, etc.
In fact, from the perspective of a super application, what the two are competing against is not just basic functions, but also the inclusiveness and integration of the overall ecosystem. The 'platform' is the final chapter.
By the way, Morph recently launched social activities 'Morph Hub' and 'Bantr'. Actively participating in Morph's social activities (mouth-rolling) can earn future Morph token rewards. Those interested can participate; the code is at the end.
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※Bantr code:
RRYGGEA
※Morph Hub code:
UXNC8K88
※The above content does not constitute investment advice. Users should operate according to their own risk tolerance, and DYOR (Do Your Own Research) carefully participate in the investment market.
※The attached image is sourced from Morph.