The payments giant Mastercard announced that its credit cards will soon offer payments for non-fungible tokens (NFTs). The firm said that they believe the process of buying an NFT needs to be easier as well as safer globally.
The firm’s post states that they have been innovating over the past year to make improvements happen in the payments category.
After a lot of work the firm announced that they are working to enable NFT commerce with Immutable X, Nifty Gateway, The Sandbox, Candy Digital, Mintable, Spring and Web3 infrastructure provider MoonPay.
Mastercard is working with these firms to permit people to use their cards for NFT purchases, “whether that’s on one of these companies’ NFT marketplaces or using their crypto services. With 2.9 billion Mastercard cards worldwide, this change could have a big impact on the NFT ecosystem.”
Mastercard is expanding adoption of Web3 with the help of these companies. Earlier this year Mastercard and Coinbase collaborated to ease the purchase of NFTs.
The integration of its bank cards is aimed towards making NFTs ‘more accessible and help the NFT ecosystem keep growing, innovating and bringing in more fans.’
Throughout the NFT boom of 2021 and 2022 collectors, investors as well as traders have had to first buy cryptocurrency like Ethereum or Bitcoin, and then buy NFTs with them.
Now Mastercard will allow its card holders to buy the NFTs from any marketplace of their choice. There will be no need to buy cryptocurrency first.
A Mastercard survey of over 35,000 people across 40 countries found that 45% had bought an NFT or would consider buying it. Roughly half sought more flexibility of being able to pay with cryptocurrency for daily purchases or using a credit or debit card to purchase an NFT.
Mastercard also stated that it is leveraging its cybersecurity technologies to improve security and protect user data when consumers use their Mastercard cards to make purchases.
The firm is adamant on adopting crypto and it is encouraging its consumers too. Recently, the VP of Mastercard, Harold Bosse showed optimism for crypto adoption in a webinar.
