MasterCard has announced that it would collaborate with a number of non-fungible token (NFT) platforms to “bring its payments network to Web3”.

Mastercard Inc., is an American global financial services company with its main offices in Purchase, New York.

Mastercard has led the way in developing technology to make payments easier, more intelligent, and safer for more than 50 years. They are passionate about supporting regional initiatives and finding solutions to global problems. Master Card is creating opportunities for more people in more places by bringing together people, companies, and organizations in more than 210 countries and territories today.

The announcement to bring MasterCard payment into web3 is a bold move strongly showing the aspiration of a trailblazer like MasterCard. To activate this initiative, MasterCard is going to collaborate with different NFT marketplaces.

NFT marketplaces that MasterCard is teaming up with, include Immutable X, Candy Digital, The Sandbox, Mintable, Spring and Nifty Gateway, as well as Web3 infrastructure provider MoonPay. This action from MasterCard sparked some hope of crypto adoption en masse in the long run, or at least, in the short term, making it possible to purchase NFTs with its debit and credit cards.

“We’re working with these companies to allow people to use their MasterCard cards for NFTs purchases, whether that’s on one of these companies’ NFT marketplaces or using their crypto services,” said Raj Dhamodharan, Executive Vice President of Digital Asset Blockchain Products & Partnerships at Mastercard.

With 2.9 billion MasterCard cards issued worldwide, MasterCard payment methods applied in web3 could have a big impact on the NFT ecosystem.

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MasterCard Users Gain More Services of Their Choice

On the marketplace of their choice, people can purchase the NFTs they choose. No need to initially acquire cryptocurrency. MasterCard thinks their offering is a perfect fit for the market, giving customers exactly what they want.

According to a recent survey by the financial service provider, up to 45% of respondents from more than 35,000 people across 40 nations have previously purchased an NFT or would consider doing so.

A similar finding was shown in a survey that Deloitte conducted. Enabling bitcoin payments is given high or very high importance by more than 85% of the firms surveyed.

The collaboration between MasterCard and an NFT marketplace is not new.

In example, MasterCard Inc. announced a collaboration with Coinbase earlier this year in an effort to streamline the purchase process on Coinbase NFT website. This partnership was successful, and starting May 2022, purchasing on Coinbase NFT has been made easier with MasterCard.

Mastercard also introduced advisory services for banks and retailers in February that are centered on payments. This type of payment includes anything from crypto cards and NFTs to loyalty programs and cryptocurrency.

Specifically, on February 20, Mastercard said that it would add new practices focusing on Open Banking, Open Data, Crypto & Digital Currencies, and Environment, Social & Governance to its renowned payments-focused consulting business (ESG).

Consulting has played a significant role in Mastercard’s client interactions for more than 20 years, whether it is when developing multi-rail payment plans or providing chances for data governance. More than 2,000 data scientists, engineers, and consultants work for Mastercard’s Data & Services division now, which provides services to clients in 70 different nations. More than 500 recent college graduates and young professionals have joined Data & Services, a talent incubator for the larger corporation, as part of expansion ambitions.

According to Raj Seshadri, president of Data & Services at Mastercard, “payments are just the beginning.” MasterCard has worked with customers in the banking, fintech, retail, travel, and other industries over the past 20 years, assisting them in understanding and navigating every difficulty and opportunity that has come their way. This change in consulting is a reflection of how the industry and the globe are evolving. It entails guiding clients through current obstacles and foreseeing future ones.

With the addition of these new practices, Mastercard will continue to provide an integrated approach that makes use of top-tier resources, including Ciphertrace, Finicity and Aiia, Cyber Quant, and the Priceless Planet Coalition, to help customers make better decisions for their entire business.