Mastercard has teamed up with MoonPay, a cryptocurrency and non-fungible tokens (NFTs) payments app, to explore how the blockchain-based Web3 world can connect with and build loyalty among consumers. The partnership was announced at the Money20/20 event in Las Vegas.
This latest collaboration comes as card networks like Visa and Mastercard are increasingly embracing Web3. Mastercard has already been working on areas such as stablecoin-based payments and removing gas fees from Ethereum transactions. It was also recently revealed to be collaborating with non-custodial wallet firms MetaMask and Ledger.
Under the new partnership, MoonPay will be able to leverage Mastercard’s Crypto Credential system, which ensures that transactions are trusted and compliant with regulations. MoonPay will also be able to integrate Mastercard’s payment technology, including Mastercard Send and Click to Pay. Otherlife, a MoonPay subsidiary that provides Web3 creative agency services, development, strategy, and experiential services, will also play a key role in the partnership.
“We’re excited to collaborate with Mastercard, a prominent supporter of Web3 and the digital economy, to redefine customer loyalty and engagement,” said MoonPay co-founder and CEO Ivan Soto-Wright.
Mastercard first began working with MoonPay in 2022 as part of an initiative to allow cardholders to buy NFTs.