Mastercard to Implement Payments for NFT and Web3 Projects – Traditional payment companies are beginning to see the value of cryptocurrencies and are incorporating them into their business strategy. Mastercard, one of the world’s largest payment companies, has announced that it is collaborating with a number of companies in the NFT and Web3 fields to allow users to pay for their products using Mastercard technology.
According to a press release, the firm is collaborating directly with The Sandbox, Immutable X, Mintable, Candy Digital, Nifty Gateway, Spring, and Web3 infrastructure provider Moonpay to allow clients to pay for digital goods provided by these platforms using their Mastercard cards. According to Mastercard, the following companies account for a substantial portion of the NFT market, which produced over $25 billion in sales last year.
This move will allow anyone with a Mastercard card — there are 2.9 billion worldwide, according to the release — to enter the sector using Mastercard products, bypassing the crypto conversion phase.
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The company’s goal is to make payments easier for potential customers of these products who may be hindered by the difficulties that the crypto space can bring. According to Raj Dhamodharan, Mastercard’s executive vice president of digital assets:
“Purchasing digital goods on an e-commerce site should be as simple as purchasing a T-shirt or coffee pods. It only takes one click to complete your order.”
For others, this is a logical next step for Mastercard, which has previously partnered with Coinbase to allow Coinbase customers to purchase NFTs on its marketplace using their cards.
Payments made with debit and credit cards on these online marketplaces will also be protected by the complete array of capabilities that the firm provides for payments made in retail stores, according to the company. Mastercard recently teamed with Edge to offer a card that does not require users to provide KYC information.
