Mastercard, the payments giant has revealed that it will be offering direct payment support to a variety of NFT platforms 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 Will Allow Web3 and NFT Payments
Many traditional payment companies have begun to accept cryptocurrencies as an option in their business plans. Mastercard is one of the most important payments companies worldwide. It announced that Mastercard will work with companies from the NFT/Web3 areas to make it possible for customers to buy products using Mastercard technology.
A PR statement stated that the company was working with Immutable X and Candy Digital as well as Spring, Mintable, Spring and Nifty Gateway. Customers will be able to use Mastercard cards to purchase digital goods from these companies using their Mastercard cards. Mastercard projects that this group represents a substantial portion of NFT, accounting for more than $25 billion in annual sales.
This move will enable any holder of a Mastercard card — the announcement notes there are 2.9 billion worldwide — to enter the sector using Mastercard products, sidestepping the crypto conversion phase.
The Way to Success
This company’s goal is to facilitate payments for buyers interested in these products. Raj Dhamodharan is the executive vice president of digital assets at Mastercard.
Digital goods can be purchased in the same way as T-shirts or coffee pods. You can make your purchase with one click — that’s it.
This is an obvious step for Mastercard. Coinbase has worked with Mastercard to enable customers to buy NFTs using their cards through its marketplace.
Also, the company stated that payments made with debit and credit cards on these online marketplaces will enjoy the “full suite of capabilities” that the company gives to payments realized in retail stores, protecting consumers in case of fraud. Mastercard partnered recently with Edge in order to create a card without collecting KYC data from its customers.
How do you feel about Mastercard payments being implemented by several NFTs and Web3 projects. Leave a comment below.
Images CreditsShutterstock. Pixabay. Wiki Commons
DisclaimerThis article serves informational purposes. It does not constitute an offer, solicitation, or recommendation of any company, products or services. Bitcoin.com doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.