- MasterCard announced it was working with partners to introduce non-fungible tokens commerce
- The payment platform will use the partnerships to expand Web 3.0 adoption
- The new NFT payment service will provide growth in the potential customer base for the NFT creators
On June 9th, 2022, MasterCard announced that it was working to introduce a non-fungible tokens business after partnering with some NFT marketplaces such as ImmutableX, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and MoonPay.
Through this partnership with these companies, MasterCard will be enabling individuals to purchase NFTs through its MasterCard payment service. The payment giant company believes that the partnership will help it expand the adoption of Web 3.0.
MasterCard is also working to reinforce safety measures in the new payment option. The protection measures will be similar to the online or in-shop MasterCard payments.
Customers desire more flexibility in purchases
MasterCard reported that it has approximately 2.9 billion users worldwide, and it aims to provide its customers with stress-free and certainty when purchasing.
A survey conducted by the payments company in 40 countries worldwide, which involved 35,000 people, reported that 45% of the individuals will consider purchasing NFTs or had already purchased one.
The report also showed that half of the participants desired more flexibility when it comes to purchases. Most people will opt for crypto payment or their credit/ debit card for NFTs purchasing.
MasterCard believes that its new NFT payment service will provide growth in the potential customer base for the NFT creators. This could have a huge impact on the NFT ecosystem.
MasterCard cash payments for NFTs
In January 2022, MasterCard partnered with Coinbase to provide payment options on the biggest cryptocurrency exchange NFT Marketplace.
MasterCard announced that through its partnership with Coinbase it will enable users to make payments for NFT purchases on the platform.
Back in November 2021, MasterCard announced that it will be supporting cryptocurrency payments but only for cryptocurrencies that would meet its requirements.
MasterCard was specific that any cryptocurrency that will be native to its network should be able to achieve stability, privacy, and compliance with laws revolving around money laundering.
MasterCard joins the likes of VISA, which is also looking into the NFT marketplace after it bought a crypto punk in late 2021.
Since January, MoonPay is also playing a role in this space by offering an NFT payment service to its partners
