Mastercard has announced it will ‘bring its payments network to Web3’ and make buying NFTs possible with its debit and credit cards.
The news was posted on the Mastercard website today by its Executive Vice President of Digital Asset Blockchain Products & Partnerships, Raj Dhamodharan.
Buy NFTs with Mastercard
In their post named simple NFT purchasing Mastercard state they believe the way people buy NFTs should be made easier and safer for customers all over the world.
‘We’ve been innovating over the past year to make these improvements happen. As part of this work, we’re happy to announce we’re working to enable NFT commerce with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure provider MoonPay.
We’re working with these companies to allow people to use their Mastercard cards for NFTs purchases, whether that’s on one of these companies’ NFT marketplaces or using their crypto services. With 2.9 billion Mastercard cards worldwide, this change could have a big impact on the NFT ecosystem.’
The integration of its bank cards is intended to make non-fungible tokens ‘more accessible and help the NFT ecosystem keep growing, innovating and bringing in more fans.’
Mastercard NFT Push
Mastercard carried out a survey of the digital payment landscape, polling 45,000 people in 40 countries – and found 45% of people were interested in buying NFTs, or had already done so.
50% of respondents also wanted more flexibility to be able to buy NFTs with debit cards or credit cards, and be able to spend crypto for more everyday purchases.
In May 2022 Mastercard began to file over a dozen NFT patents and metaverse related trademarks with the United States Patent and Trademark Office (USPTO).
Visa also earlier this year announced the launch of its own NFT creator program to support independent NFT artists and help small businesses boost their income through NFT technology.
Two of the largest payment processing networks in the world promoting mass adoption of cryptocurrency and NFTs could be the catalyst for both asset classes to enter a new bull market in the remainder of 2022.
The same cybersecurity tools and ‘full suite of capabilities to reinforce customer safety’ applied when making retail purchases, will also be in place when buying NFTs with Mastercard. Making NFTs more secure for beginners and less prone to phishing scams would allow the NFT market to grow.
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