Mastercard has made an announcement regarding its involvement in the crypto sector. The payment giant has revealed that it is working to bring direct payment support for numerous Web3 platforms and non-fungible tokens through its cards.
Numerous industries and companies are marching toward the crypto industry. Similarly, the traditional payment systems include crypto options in their business strategies.
Mastercard is among the biggest payment companies in the world. It has started to embrace the crypto sector and announced that the company has begun working with several companies in the Web3 and NFT fields. The implementation of the announcement will be highly beneficial to the customers as they will be able to pay with Mastercard for such technologies.
According to a PR statement, Mastercard is working directly with Candy Digital, Immutable X, Nifty Gateway, The Sandbox, Moonpay (The Web3 infrastructure provider), Spring, and Mintable. The Mastercard holders will be able to buy any digital goods or services provided by the companies mentioned above. These companies only generated a whopping $25 billion in sales within the NFT space last year.
The reason behind Mastercard’s announcement is to make payments easier for the potential buyers of digital products. Raj Dhamodharan, the executive vice president for digital assets at Mastercard, reportedly said purchasing digital goods should be as easy as buying coffee pods and T-shirts on any e-commerce site. He added that people should be able to buy digital goods in just one click.
Many experts believe the step to be logical in moving the Mastercard forward in the crypto sector. In the past, Mastercard has also worked with Coinbase allowing customers of that cryptocurrency exchange to purchase non-fungible tokens on the marketplace with their cards (Mastercard).
Moreover, the company also stated that all the customers making payments with credit and debit cards on the online markets would enjoy full suite capabilities through Mastercard. Mastercard will protect the consumers in case of fraud.
Moreover, Mastercard also got into a partnership with Edge and launched a card that does not collect KYC (Know Your Customer) information from the users, granting them full privacy.