MasterCard has revealed it is expanding its payments network to enable payments for NFTs markets and Web3.
The company claims that it has been working on the project over the past year alongside a number of partners including MoonPay, Mintable, Spring and Nifty Gateway.
Mastercard said it is working with these firms to allow people to use their Mastercard cards for NFT purchases – whether that is on one of the company’s marketplaces or using their crypto services.
NFTs – which generated more than $25bn in sales last year – could see a big impact from being included on Mastercard, with the company having 2.9 billion cards in circulation worldwide.
Mastercard highlighted a recent survey that found more than 35,000 people in 40 countries found that 45% had purchased an NFT or would consider doing so, with roughly half seeking more payment flexibility.
The firm said, “We’re also applying our full suite of capabilities to reinforce customer safety, giving people similar protections to the ones they enjoy when making transactions in a store or online with a Mastercard card. We’re using our cybersecurity tools to boost safety and protect user data for purchases people make using a Mastercard card.”
Social networking giant Instagram is set to trial the use of non-fungible tokens (NFT) on its platform for some US users.
Copyright © 2022 FinTech Global
