Mastercard Launches NFT Payments Service

Payment company MasterCard had announced new partners to enable payments in non-fungible tokens sector. Mastercard’s goal is to expand access to the digital collectibles market through card payments.

Mastercard and NFTs

According to publication by Raj Dhamodharan, the company’s executive vice president, Mastercard wants to make the process of purchasing an NFT easier and safer.

“When that happens, customers get what they want with less stress and uncertainty. For the creators of NFT, these changes increase their potential customer base to millions of people around the world.”

Based on that, the company said it is innovating to make improvements happen. So, to enable NFT trading, it has partnered with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and MoonPay.

As the executive highlighted, the move is intended to allow people to use their cards to buy NFTs in these and other token markets.

Today, Mastercard has 2.9 billion cards under its banner worldwide. Therefore, this initiative could have a big impact on the NFT ecosystem.

NFT Payments with Mastercard Card

Dhamodharan pointed out that the aforementioned markets represent a good part of the NFT sector, which generated more than US$ 25 billion in sales in 2021.

According to him, with the support of these companies, the adoption of Web3 by Mastercard expands. At the same time, it helps make cryptocurrencies more accessible and push NFTs even further.

The executive further noted that a recent Mastercard survey of more than 35,000 people in 40 countries found that 45% of respondents had purchased an NFT or would consider doing so.

In addition, the results showed that about half of users were looking for more flexibility in their purchase. This includes, for example, using both digital assets and a credit or debit card to purchase an NFT.

“We are also applying our full suite of features to strengthen customer security, giving people protections similar to those they enjoy when transacting in-store or online with a Mastercard card,” he concluded.