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 companies said at the Money20/20 event in Las Vegas.
Card networks like Visa and Mastercard have been busy around Web3, working on areas as diverse as stablecoin-based payments and removing gas fees from Ethereum transactions. Most recently, Mastercard was revealed to be working with non-custodial wallet firms MetaMask and Ledger, according to a Web3 workshop presentation.
The partnership allows MoonPay to avail itself of Mastercard’s Crypto Credential system, a way of ensuring transactions are trusted and compliant with regulations, as well as integrating payments tech like Mastercard Send and Click to Pay, according to a blog post.
In addition, Otherlife, a subsidiary of MoonPay that provides Web3 creative agency services, development, strategy and experiential services, will play a key role in the partnership, it said.
"We're excited to collaborate with Mastercard, a prominent supporter of Web3 and the digital economy, to redefine customer loyalty and engagement," MoonPay's co-founder and CEO Ivan Soto-Wright said in the blog post.
Mastercard first began working with MoonPay in 2022 as part of an initiative to allow cardholders to buy NFTs.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.