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June 10, 2022

Mastercard expands payment network to Web3 and NFTs

Mastercard is set to expand its payment network to Web3 and NFTs in a bid to the process of buying NFTs easier and safer.

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The payment giant said that is working with NFT marketplaces Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure provider MoonPay to enable NFT commerce for customers.

The move will allow people to use their Mastercard cards to purchase NFTs, using either the companies’ marketplaces or crypto services provided by them.

These NFT marketplaces have generated more than $25bn in sales last year across art, sports, video games, collectables, and metaverse platforms, noted Mastercard.

said it would apply a range of capabilities to ensure customer safety. The firm aims to provide customers with similar protections that they have when making transactions in a store or online with a Mastercard card.

Mastercard Digital Assets and Blockchain Products and Partnerships executive vice president Raj Dhamodharan said: “These latest efforts are intended to build on the enormous potential of the NFT market, growing payment choices for consumers and expanding NFT communities.

“We’re looking forward to continuing our work with all these companies to make sure this market can become even more welcoming, accessible and easy.”

This January, Mastercard added its payment network to the Coinbase NFT market to allow Coinbase customers to use Mastercard credit and debit cards for their NFT purchases.

The firm has been accelerating its push into the crypto and digital assets space. Last November, Mastercard announced plans to launch crypto-linked Mastercard credit, debit or pre-paid cards in the Asia Pacific region.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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