Mastercard is expanding its payment network to include NFTs and Web3 projects
Payments giant Mastercard has announced it is working to expand its payment network to support NFTs and Web3 projects with its cards. It is teaming up with multiple NFT marketplaces to ‘bring its payments network to Web3,’ to make purchasing NFTs with its debit and credit cards possible.
This integration will enable its 2.9 billion cardholders to join the industry as the barrier to acquiring digital goods is lowered with the introduction of more flexible payment products. It will also allow them to make direct purchases in a ‘easier and safer’ way instead of purchasing cryptocurrencies.
According to a press release, the payments giant has partnered with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure provider MoonPay.
Mastercard stated that these marketplaces ‘generated more than $25 billion in sales in 2021—from art to sports to video games to collectibles to metaverse platforms.’
Customers can expect world-class security services from the company's latest payment option, akin to ‘when completing purchases in a shop or online using a Mastercard card,’ according to the company.
According to executive vice president for digital assets for Mastercard Raj Dhamodharan in an interview with Bitcoin.com, ‘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.’
Mastercard also emphasized that by enabling direct NFT purchases, the company will deliver ‘exactly what people want.’
The company based its decision to expand its credit card services according to its recent survey of more than 35,000 respondents in 40 countries, which found that 45 percent of customers have purchased an NFT or would consider doing so. Consumers surveyed expressed support for more flexible purchasing payment methods, with 50% citing interest. For example, they are in favor of being able to use cryptocurrencies to make everyday purchases or to use their debit or credit card to buy an NFT.
In January, Mastercard announced its NFT card purchasing services in collaboration with Coinbase that simplifies the buying process by allowing consumers to buy NFTs using credit cards directly on the Coinbase NFT website, which launched in May.
In February, Mastercard also introduced payments-focused consulting services for banks and merchants which encompasses everything from cryptocurrencies and NFTs to crypto cards and loyalty programs.