Mastercard and MoonPay Join Forces to Enhance Web3 Payment Technology October 26, 2023 October 26, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsOctober 26, 2023 by Kelly Cromley

Mastercard and MoonPay Join Forces to Enhance Web3 Payment Technology

A Strategic Partnership to Foster Loyalty and Compliance in the World of Cryptocurrency

Mastercard, the global payment leader, has unveiled its legally compliant Crypto Credential system as a key component of MoonPay’s mission to incorporate cutting-edge payment technology, including Click to Pay and Mastercard Send. The announcement of this strategic collaboration took place at the Money20/20 event in Las Vegas, where the two entities presented their vision for exploring the potential of Web3 in building user loyalty.


Mastercard’s Ongoing Commitment to NFTs


This partnership marks Mastercard’s continued engagement with the world of non-fungible tokens (NFTs). In 2022, the company embarked on a journey to facilitate the use of its cards for NFT purchases, forging partnerships with key players in the NFT space. Raj Dhamodaran, Executive Vice President at Mastercard, expressed the company’s dedication to enabling NFT commerce by collaborating with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, and Nifty Gateway.


Web3 Innovations: A Joint Pursuit


Both Mastercard and Visa have been actively exploring the opportunities presented by Web3, striving to eliminate the Ethereum Mainnet gas fees and enable payments based on stablecoins. Recently, Mastercard announced its cooperative efforts with Ledger and MetaMask, two prominent non-custodial wallet providers, in a bid to further advance Web3 technologies.


The Role of MoonPay’s Otherlife


A pivotal aspect of this collaboration lies in the contribution of MoonPay’s subsidiary, Otherlife. Otherlife plays a multifaceted role, offering Web3 development, creative agency services, and strategy and experiential services, which are integral to the success of this partnership.


Mastercard’s Crypto Credential System: Ensuring Safety and Compliance


The integration of Mastercard’s Crypto Credential system into MoonPay’s platform brings an added layer of security and compliance to cryptocurrency transactions. Ivan Soto-Wright, Co-founder and CEO of MoonPay, expressed his enthusiasm about the collaboration, stating:


“We’re excited to collaborate with Mastercard, a prominent supporter of Web3 and the digital economy, to redefine customer loyalty and engagement.”


Mastercard’s Expanding Engage Program


Earlier this year, Mastercard unveiled the expansion of its Engage program, aimed at connecting card issuers with potential partners in the cryptocurrency space. The primary objective of this program is to facilitate the faster introduction of crypto credit cards to the market by leveraging Mastercard’s extensive global network. This initiative has opened the doors for an increasing number of cryptocurrency firms to harness the power of Mastercard’s financial ecosystem.


In Conclusion


The strategic partnership between Mastercard and MoonPay represents a significant step forward in the evolution of cryptocurrency payments and Web3 technology. With Mastercard’s Crypto Credential system at its core, this collaboration promises to not only enhance the security and compliance of cryptocurrency transactions but also foster greater loyalty and engagement among users. As the world of digital finance continues to evolve, such alliances are pivotal in shaping the future of global payments.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.