Payment giant Mastercard has announced that it is working to enable direct payment support for many NFT and Web3 platforms on its cards. According to the company, more flexible payment products will lower the barriers to accessing these digital products, allowing more customers to enter the industry.
Mastercard to Offer NFT and Web3 Payments
Traditional payment companies are beginning to embrace cryptocurrencies and incorporate them as an option in their business strategies. Mastercard, one of the world’s largest payment companies, has announced that it is working with a number of companies in the NFT and Web3 space to allow customers to pay for products with Mastercard technology
According to a statement from PR, the company will work directly with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure provider Moonpay to enable customers to use these platforms to allow customers to use their Mastercard cards to pay for digital goods offered by these platforms; Mastercard estimates that the above companies comprise the bulk of the NFT sector, which generated more than $25 billion in sales last year.
The move will allow any Mastercard cardholder (2.9 billion cards worldwide, according to the announcement) to enter the field using Mastercard products and bypass the crypto conversion phase.
Paving the way
The company’s goal is to make it easier for potential buyers of these products to pay, who may be hampered by the barriers posed by the crypto space. mastercard’s digital assets according to Raj Dhamodharan, executive vice president.
Buying digital products should be as easy as buying a T-shirt or a pod of coffee on an e-commerce site. One click to buy, that’s all.
Some would say this is a logical step forward for Mastercard, which has alreadyworked with Coinbase to allow cryptocurrency exchange customers to purchase NFTs with their cards on its marketplace.
It also said that payments made with debit or credit cards in these online marketplaces enjoy a “set of features” that the company gives to retailer-enabled payments, protecting consumers in the event of fraud. Recently, MasterCard has also partnered with Edge to launch a card that does not collect KYC information from users.
Image credit: Shutterstock, Pixabay, Wiki Commons