- Mastercard and Moonpay will explore how Web3 can link to and build loyalty among users
- Mastercard and Visa are working on eliminating Ethereum Mainnet gas fees
Mastercard's legally compliant Crypto Credential system will be used by MoonPay to integrate cutting-edge payments technology, such as Click to Pay and Mastercard Send.
The payments giant and MoonPay, a cryptocurrency and non-fungible tokens (NFTs) payments app, partnered to explore the ways, in which Web3 can link to and build loyalty among users. The companies made this announcement at the Money20/20 event in Las Vegas, cited by CoinDesk.
A tradition with NFTs
This is not Mastercard’s first foray into the NFT niche. In 2022, the company announced new crypto partners to allow people to use their cards for purchases of non-fungible tokens. Raj Dhamodaran, executive vice president at Mastercard, said the company was working to enable NFT commerce with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, and Nifty Gateway.
Web3 remains a lucrative prospect
Mastercard and Visa have been busy with Web3, working on eliminating Ethereum Mainnet gas fees and enabling stablecoin-based payments. Mastercard recently announced cooperation with Ledger and MetaMask, two non-custodial wallets.
MoonPay subsidiary Otherlife, which provides Web3 development, creative agency services, and strategy and experiential services, will play a crucial role in this collaboration.
With the new partnership, MoonPay will be able to ensure that its transactions are safe and compliant thanks to Mastercard’s Crypto Credential system. MoonPay's co-founder and CEO Ivan Soto-Wright stated:
We're excited to collaborate with Mastercard, a prominent supporter of Web3 and the digital economy, to redefine customer loyalty and engagement.
Mastercard grew the reach of Engage
The payments giant announced in June this year that it had grown the reach of its Engage program, which connects card issuers with potential partners to offer suitable technical expertise and bring crypto credit cards to market faster. This initiative has allowed an increasing number of crypto firms to utilize Mastercard’s global network.
Contributors
