Mastercard and MoonPay Join Forces to Foster Web3 Loyalty

Mastercard and MoonPay, a payments service that specializes in cryptocurrencies and non-fungible tokens (NFTs), have partnered in a major way. The goal of this collaboration is to investigate how the Web3 ecosystem, which is built on blockchain technology, can interact with customers and win their enduring loyalty. The declaration was made in Las Vegas during the Money20/20 event.

Mastercard’s Web3 Endeavors

Mastercard’s participation in the Web3 environment demonstrates the card network’s dedication to the developing digital economy. Mastercard has recently taken steps to enter new markets, including stablecoin-based payments and the elimination of gas costs from Ethereum transactions. Remarkably, as disclosed in a Web3 workshop presentation, the business has been collaborating closely with non-custodial wallet providers MetaMask and Ledger.

Through this cooperation, MoonPay will have access to Mastercard’s Crypto Credential system, which is a tool used to make sure cryptocurrency transactions are reliable and compliant with regulations. To improve its payment capabilities, MoonPay will also incorporate important Mastercard payment technologies, such as Click to Pay and Mastercard Send.

MoonPay’s subsidiary, Otherlife, plays a pivotal part in this joint venture. Development, strategy, experience, and Web3 creative agency services are Otherlife’s areas of expertise. Its participation is anticipated to have a major impact on the partnership’s performance.

Co-founder and CEO of MoonPay Ivan Soto-Wright highlighted Mastercard’s strong support of Web3 and the digital economy in his statement of delight about the partnership. He underlined that their shared goal in the Web3 era is to reinvent consumer engagement and loyalty.

The financial industry’s investigation of the prospects and difficulties posed by the Web3 world has progressed significantly with the collaboration between Mastercard and MoonPay. Collaborations such as this are anticipated to be crucial in determining how payments and consumer engagement are shaped going forward, given how quickly the digital world is changing.