Mastercard
to Enable Payments
for NFT and Web3 Platforms
Payments giant Mastercard has announced it is working to bring
direct payment support to several NFT and Web3 platforms with its cards.
According to the company, this will enable more customers to enter the industry
as more options will be available to buyers for
such digital goods with flexible
payment products.
Traditional payment companies are beginning to embrace cryptocurrencies and include them as options in their business strategies. Mastercard is one of the biggest payments companies in the world and has announced it is working with several companies in the NFT and Web3 fields to enable customers to pay with Mastercard technology for their products.
The
company in a PR statement has said that it is
working directly with Immutable X, Candy Digital, The Sandbox, Mintable,
Spring, Nifty Gateway, and Web3 infrastructure provider Moonpay, to allow
customers to use their Mastercard cards to pay for digital goods provided by
these platforms. Mastercard estimates that the above companies
constitute a large part of the NFT space, which generated
over $25 billion in sales last year.
The announcement notes that the move will
enable holders
of a Mastercard card, there
are 2.9 billion worldwide to
enter the sector using Mastercard products, sidestepping
the crypto conversion phase.
The objective of the company is to make payments easier for potential buyers of these products, which might be encumbered by the barriers that the crypto space can present. Raj Dhamodharan, Executive Vice President for digital assets for Mastercard explains:
"Buying digital goods should be as simple as buying a T-shirt or coffee
pods on an e-commerce site. You can make your purchase with one click, that’s
it. "
Many believe that this
is a logical step forward for Mastercard, which has
already worked with Coinbase to allow customers of the cryptocurrency
exchange to purchase NFTs with their cards on its marketplace.
Also, the company stated that payments made with debit and credit cards on these online marketplaces will enjoy the "full suite of capabilities" that the company gives to payments realized in retail stores, protecting consumers in the case of fraud. Recently, Mastercard also partnered with Edge to launch a card that does not collect KYC information from its users.
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