29 Oct, 2023

Mastercard Partners with MoonPay to Attract Web3 Users

Sam Farao
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Sam Farao
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Sam is our pioneering figure in affiliate marketing and the blockchain space (prior to co-founding Coinweb.com). His ventures, including Netpixel Media and Captana, have set new benchmarks in the affiliate marketing industry, leading to a notable acquisition by Speqta AB for 31.5 million Norwegian kroner ($3.8 million USD). Farao's foray into blockchain technology is marked...
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Shawn Munir is the CEO of Coinweb.com and spearheads all the collaborative partnerships for the platform. He bought his first Bitcoin in 2017 and never looked back. He is also an investor in 200+ Web3 startups and is considered an expert in the field. Before building Coinweb with his co-founders, he co-founded Presail, a management...
Mastercard Partners with MoonPay

TL;DR

  • Mastercard partners with MoonPay, one of the world’s most prominent apps for cryptocurrency and NFT payments.
  • The partnership will allow the company to explore how blockchain technology can be used to connect with and foster customer loyalty.

Mastercard Has Joined Forces With MoonPay

Mastercard is joining MoonPay to discover new ways to attract customers using Web3, a blockchain-based internet version.

Mastercard's offices in Dublin
Crypto Payment App MoonPay partners with Mastercard | Source: Mastercard

MoonPay is an app for cryptocurrency payments that has integrated most viral payment systems, including Apple Pay and Google Pay.

Companies like Mastercard are diving into Web3, exploring various projects from payments with stablecoins to cutting out extra costs. 

Mastercard has been collaborating with digital wallet services MetaMask and Ledger, as shared in a Web3 workshop. By the way, MetaMask recently introduced snaps to use non-EVM blockchain networks.

Through this partnership, MoonPay will use Mastercard’s Crypto Credential system. 

This system makes sure transactions follow the rules and can be trusted. It also includes payment technologies like Mastercard Send and Click to Pay.

Otherlife, part of MoonPay, which helps with creative Web3 projects, development, planning, and experiences, will be important in this collaboration.

“We are thrilled to work with Mastercard, known for backing Web3 and the online economy, to bring a new twist to how we keep customers interested and loyal,” 

MoonPay’s co-founder and CEO, Ivan Soto-Wright

Mastercard Plans to Collaborate with Web3 Self-Custody Wallet Firms

Mastercard is considering potential collaborations with digital wallet companies such as MetaMask and Ledger, as detailed in a Web3 strategy workshop. 

The company highlighted that payment cards could help these wallet services grow their active user base, foster loyalty, and revenue.

However, wallet companies encounter considerable challenges, especially resource constraints, when launching a card service in new areas. 

This is where Mastercard and its card-issuing allies can offer support. 

The 57-year-old payment tech company also looks into innovative global issuance models using on-chain stablecoin settlements and cost-effective blockchain networks.

The World of Traditional Finance Turns to Crypto

Major credit card conglomerates are forging ahead with crypto initiatives despite challenging market dynamics and regulatory gray areas, particularly in the U.S.

Mastercard and crypto
Mastercard Turns to Crypto | Source: Pymnts.com

Mastercard announced its Engage program earlier, emphasizing its strategy to launch new crypto card schemes. 

Concurrently, Visa has been engaging with the USDC and Solana to enhance cross-border transactions and is investigating solutions for Ethereum’s transaction fees.

This can only make the life of simple crypto investors better. With the partnership with MoonPay, Mastercard can now offer many more crypto-related services. 

While this collaboration won’t directly affect buying and selling assets, it is a first step for investors to come closer to a more regulated market.