In the realm of Web3, payment giants such as Mastercard and Visa have been actively engaged in a variety of initiatives. These include developing payment systems based on stablecoins and devising solutions to eliminate gas fees from Ethereum transactions.
Mastercard and MoonPay; When Tradition Meets Innovation
The partnership will allow MoonPay to leverage Mastercard’s Crypto Credential system, which is a solution that ensures crypto transactions are compliant with regulations and trusted by merchants and consumers.
The collaboration aims to bridge the gap between the traditional and the Web3 worlds and to provide new opportunities for consumers to access and enjoy the benefits of Web3. For example, users could earn rewards in crypto or NFTs for using Mastercard products or services, or redeem their rewards for Web3 experiences or assets.
“We’re excited to collaborate with Mastercard, a prominent supporter of Web3 and the digital economy, to redefine customer loyalty and engagement,” said Ivan Soto-Wright, co-founder and CEO of MoonPay. “Together, we will enable millions of people around the world to easily access the Web3 ecosystem and discover its endless possibilities.”
Mastercard has been actively involved in the crypto and Web3 space, working with various partners such as MetaMask, Ledger, Bakkt, Gemini, BitPay, and others. Mastercard has also been investing in research and innovation to support the development and adoption of Web3 technologies.
In addition to developing new consumer experiences in the Web3 space, MoonPay is set to incorporate various Mastercard products and solutions. This integration aims to enhance the level of compliance and trust within the Web3 industry. Specifically, MoonPay plans to embed Mastercard’s tools such as “Click to Pay”, Mastercard Send, and Mastercard Crypto Credentials into its own payment solutions.