According to CoinDesk, Mastercard has joined forces with MoonPay, a cryptocurrency and non-fungible tokens (NFTs) payments app, to investigate how the blockchain-based Web3 world can connect with and build loyalty among consumers. The announcement was made at the Money20/20 event in Las Vegas. Card networks like Visa and Mastercard have been actively involved in Web3, focusing on areas such as stablecoin-based payments and eliminating gas fees from Ethereum transactions. Mastercard was recently reported to be collaborating with non-custodial wallet companies MetaMask and Ledger, as per a Web3 workshop presentation.
The partnership enables MoonPay to utilize Mastercard's Crypto Credential system, which ensures transactions are trusted and compliant with regulations, and to integrate payment technologies like Mastercard Send and Click to Pay. Otherlife, a MoonPay subsidiary that offers Web3 creative agency services, development, strategy, and experiential services, will play a crucial role in the collaboration. MoonPay's co-founder and CEO, Ivan Soto-Wright, expressed excitement about working with Mastercard, a prominent supporter of Web3 and the digital economy, to redefine customer loyalty and engagement. Mastercard initially began collaborating with MoonPay in 2022 as part of an initiative to enable cardholders to purchase NFTs.
