Mastercard to Enable Direct NFT Purchases
The global leader in the processing of payments, Mastercard, is extending the scope of its payment network to include nonfungible token (NFT) markets and Web3. In January, Coinbase made the first announcement about card payments for NFTs in conjunction with their most recent NFT marketplace
Over the course of the previous year, the supplier of financial services made public their efforts to broaden the scope of their payment networks to include NFTs. The company has formed partnerships with a number of the most prominent NFT marketplaces, which will enable the company’s 2.9 billion cards to make direct purchases of NFTs without first having to acquire crypto.
At the moment, users are required to purchase cryptocurrency in order to bid on and purchase NFTs. However, thanks to the most recent agreement between Mastercard and Coinbase, billions of cards will now be able to avoid the step-by-step procedure of purchasing and transferring cryptocurrency to NFT markets. The company state.
“These connections are intended to make crypto more accessible and to assist the NFT ecosystem in continuing to expand, innovate, and attract more enthusiasts.” Immutable X, Candy Digital, The Sandbox (SAND), Mintable, Spring, Nifty Gateway, and MoonPay are some of the NFT markets that Mastercard has worked with, according to the statement made by the company.
From Blocking Crypto-Related Transactions to Accepting it. What Changed?
The NFT card-purchase service was first introduced in January of this year in conjunction with Coinbase. This service enables users to buy NFTs directly by using credit cards and was one of the first services of its kind.
The company made the decision to expand its payment network to the rapidly growing NFT ecosystem also based on the results of its most recent survey, which included 35,000 respondents from 40 different countries. The results of the survey showed that 45 percent of consumers have either purchased an NFT or are considering doing so in the near future. Fifty percent of the customers polled expressed a desire in receiving more flexible alternatives to make purchases, indicating that this is a topic that is important to them.
The company said that it is also focusing on providing clients with its most recent payment option world-class security, comparable to “when completing purchases in a shop or online with a Mastercard card.”
Over the last few years, the payment processing behemoth has shown a significant level of interest in the cryptocurrency and non-traditional financial asset sectors. Earlier in April of this year, Mastercard submitted applications for 15 trademarks connected to the metaverse and NFT.
Visa and Mastercard, the two most prominent mainstream payment processing companies, have come a long way since their early days of blocking cryptocurrency transactions on their network. Currently, they are competing with one another to become the most prominent financial services providers in the decentralized space. In March, Visa began offering a program called Immersion, which is designed to help content producers expand their businesses using NFTs.
Mastercard Expanded its Consulting services to include crypto-specific practices.
Mastercard is aiming its services toward financial institutions and businesses that are in need of assistance in implementing crypto-enabled technology and non-fungible tokens (NFTs). Mastercard has just stated that it is extending its consultancy business with practices that are devoted to the cryptocurrency market. This is part of the company’s ongoing effort to secure a position inside the cryptocurrency industry.
In the statement, Raj Seshadri, president of Mastercard’s data & services, said that the financial institution will continue to assist customers in navigating the dynamic world of finance, as well as assisting clients in identifying difficulties and anticipating what is to come.
“Over the course of the last 20 years, we have worked with our clients across banking, fintech, retail, travel, and other industries, helping them comprehend and overcome every difficulty and opportunity thrown their way.”
At the moment, the company’s data and services business is home to approximately two thousand employees, the majority of whom are engineers, consultants, and data scientists. The business announces that in 2022 it would make an effort to further grow the division by recruiting 500 qualified individuals.
Mastercard Consulting Service for Financial Institutions and Business Owners
Consulting services provided by the company are directed at financial institutions and business owners who need support while implementing cryptocurrency. This includes assisting in the creation of loyalty programs that are enabled with cryptocurrency and designing strategies for the integration of cryptocurrency and NFTs. In addition to this, Mastercard will utilize its ties with “digitally native organizations” to assist businesses to penetrate new markets and provide crypto solutions.
In addition, the global financial institution is concentrating its efforts on providing assistance to central banks as they investigate the possibility of developing digital currencies issued by the central banks themselves (CBDCs). Before establishing their CBDCs, central banks are able to conduct research, testing, and consultation with specialists in payment systems, regulation, and governance thanks to the testing platform offered by Mastercard, as stated by the company.