Payments giant Mastercard has announced it is working to bring direct payment support for a number of NFT and Web3 platforms with its cards. This will allow more people to get into the digital industry because the barriers to purchasing such goods are lower through more flexible payment products.

Mastercard To Enable NFT and Web3 Payments

Traditional payment companies are beginning to embrace cryptocurrency and include them in their business strategies. Mastercard, one of the biggest payments companies in the world, has announced it is working with a number of companies in the NFT and Web3 fields to enable customers to pay with Mastercard technology for their products.

According to a press release, the company works directly with Immutable X and Candy Digital to enable customers to use their Mastercard cards for digital goods purchased through these platforms. Mastercard estimates that the above companies constitute a large swathe of the NFT space, which generated over $25 billion last year in sales.

This move will allow any Mastercard card holder — there are 2.9 Billion worldwide — to enter the sector with Mastercard products. It also bypasses the crypto conversion phase.

How

Works

The company’s goal is to make it easier for potential buyers to pay for these products. This might be due to the difficulties that the crypto space may present. Raj Dhamodharan is the executive vice president of digital assets at Mastercard.

Buying digital goods should not be difficult. All you need to do is click once and make your purchase.

For some, this is a logical step forward for Mastercard, which has already worked with Coinbase to allow customers of the cryptocurrency exchange to purchase NFTs with their cards on its marketplace.

The company also stated that online payments with debit or credit cards will have the same capabilities as payments made in stores. This protects consumers from fraud. Recently, Mastercard also partnered with Edge to launch a card that does not collect KYC information from its users.

What do you think about the implementation of Mastercard payments by several NFT and Web3 projects? Please leave your comments below.

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