Mastercard to Implement Payments for NFT and Web3 Projects
Mastercard announced that it is working on introducing direct payment support for a range of NFT and Web3 platforms. A more flexible payment policy will allow more customers to enter the industry, as the barrier to acquiring such digital goods will be lowered.
Payment companies are starting to embrace cryptocurrencies and include them as options in their business strategies. One of the biggest payment companies in the world, Mastercard, announced that it is working with a number of NFT and Web3 companies to allow customers to pay via Mastercard technology for their products.
The company is working with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure provider Moonpay to allow customers to pay for digital goods offered by these platforms. It is estimated that Mastercard claims the above companies represent a large swath of NFT space that generated over $25 billion in sales last year.
With this move, anyone holding a Mastercard card will be able to enter the industry using Mastercard products, eliminating bitcoin conversion.
The company’s objective is to make payments easier for potential buyers of these products, which may be hindered by the barriers encountered in the crypto arena. Raj Dhamodharan, executive vice president for digital assets for Mastercard, says:
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.
Additionally, the company claimed that debit and credit cards in these online marketplaces could become part of the “full suite of capabilities” that are available to merchants to make payments, protecting consumers from fraud. As part of a recent partnership with Edge, Mastercard also released a card that does not collect KYC information.