Hassan Maishera
TL;DR
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Mastercard and MoonPay have partnered to expand their presence in the Web3 ecosystem.
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MoonPay is set to incorporate Mastercard's Crypto Credential system and integrate payment tech like Mastercard Send and Click to Pay.
Mastercard Partners With MoonPay
Mastercard has entered into a strategic partnership with MoonPay, a cryptocurrency and non-fungible tokens (NFTs) payment app. The partnership will see the two entities work together to see how the Web3 world can connect with and build loyalty among consumers.
In its blog post, MoonPay said it will work closely to embed Mastercard products and solutions to drive even more trust, compliance, and efficiency across the industry.
While commenting on this latest development, MoonPay’s co-founder and CEO Ivan Soto-Wright said,
“We’re excited to collaborate with Mastercard, a prominent supporter of Web3 and the digital economy, to redefine customer loyalty and engagement. Joining forces will create new opportunities to showcase blockchain’s potential in establishing unique connections and meaningful moments while broadening our industry’s overall reach.”
This latest development comes as card networks like Mastercard and Visa continue to expand their base within the Web3 ecosystem. They have been working on various areas, including stablecoin-based payments and removing gas fees from Ethereum transactions.
Mastercard is currently working with MetaMask and Ledger as it looks to expand its presence in the blockchain ecosystem.
The team explained that Otherlife, a subsidiary of MoonPay that provides Web3 creative agency services, development, strategy, and experiential services, will play a key role in the partnership.
MoonPay said it is set to leverage Mastercard Crypto Credential, a set of common standards and infrastructure that helps to validate trusted interactions between consumers and businesses using blockchain networks. MoonPay will also look into how Mastercard’s leading payments technology, including Mastercard Send and Click to Pay, can be integrated into MoonPay’s Web3 stack.
Mastercard and MoonPay have been working together since 2022, when Mastercard allowed its cardholders to buy NFTs.
