Mastercard, the payments giant, has announced that it will provide direct payment support for several NFT and Web3 platforms using its cards. This will allow more people to get into the digital industry because the barriers to purchasing such goods are lower through more flexible payment products.
Mastercard to Allow NFT and Web3 Payments
Traditional payment companies are beginning to embrace cryptocurrency and include them in their business strategies. Mastercard, the largest payments company in the world has announced that it is working with several companies in NFT and Web3 to allow customers to use Mastercard technology to pay for their products.
According to a press release, the company has been working with Immutable X and Candy Digital to enable customers to use their Mastercard cards for digital goods purchased through these platforms. Mastercard estimates these companies make up a significant portion of the NFT market, with sales exceeding $25 billion in 2013.
The announcement states that there are 2.9 Billion Mastercard cards worldwide. This will allow any Mastercard card holder to enter the sector with Mastercard products. It also bypasses the crypto conversion phase.
The Way to Success
The company’s goal is to make it easier for potential buyers to pay for these products. This could be due to the difficulties that the crypto space might present. Raj Dhamodharan is the executive vice president of digital assets at Mastercard.
Digital goods can be purchased in the same way as buying T-shirts or coffee pods from an e-commerce website. All you need to do is click once and make your purchase.
This is a significant step forward for Mastercard. Mastercard has worked with Coinbase in order to enable customers of the cryptocurrency exchange, Coinbase, to buy NFTs using their cards on its marketplace.
The company also stated that online payments with debit or credit cards will have the same “full suite” of capabilities as payments made in stores. This protects consumers from fraud. Mastercard partnered with Edge recently to launch a card without collecting KYC information.