26-10-2023 (NEW YORK) At the Money20/20 event in Las Vegas, global financial giant Mastercard has announced a groundbreaking partnership with MoonPay, a prominent player in cryptocurrency and non-fungible tokens (NFTs) payments. This collaboration aims to explore the vast potential of the blockchain-based Web3 universe in connecting with consumers and fostering loyalty.
In the dynamic realm of Web3, both Mastercard and Visa have been actively engaging in a variety of initiatives. These efforts span the spectrum, from pioneering stablecoin-based payments to addressing the challenge of eliminating gas fees from Ethereum transactions. In a recent revelation, Mastercard’s involvement with non-custodial wallet firms MetaMask and Ledger was brought to light during a Web3 workshop presentation.
The partnership with MoonPay opens the door for the company to tap into Mastercard’s Crypto Credential system. This system is designed to ensure that transactions are secure, trusted, and fully compliant with regulatory standards. Additionally, the partnership enables the integration of Mastercard’s cutting-edge payment technologies, including Mastercard Send and Click to Pay, as outlined in a blog post.
A subsidiary of MoonPay known as Otherlife will play a pivotal role in this collaborative effort. Otherlife is dedicated to providing a wide range of Web3 creative agency services, spanning from development and strategy to immersive experiential services.
Ivan Soto-Wright, the co-founder and CEO of MoonPay, expressed his enthusiasm for the partnership in a blog post, stating, “We’re excited to collaborate with Mastercard, a prominent supporter of Web3 and the digital economy, to redefine customer loyalty and engagement.”
This partnership marks a significant development, yet it is not the first time Mastercard and MoonPay have joined forces. In 2022, they initiated a venture that allowed Mastercard cardholders to venture into the world of NFTs.
