If I read this and understand it they are saying that it is not a card, but it uses the MasterCard system to make payments to merchants who accept MasterCard PayPass?
I understand that it would be a mobile app that it would use nfc terminals that accept PayPass to pay with the mobile phone in bitcoin making the conversion bitcoin->fiat
Now that would be phenomenal if the phone itself would do the conversion from Bitcoin to the MasterCard network, but that seems quite complicated.