Companies in the payment card industry have been experimenting with and investing in blockchain technology in order to broaden their offerings.
With the help of cryptocurrency and non-fungible tokens (NFTs) payments software MoonPay, credit card firm Mastercard Inc (NYSE: MA) will investigate how blockchain technology may be used to engage with and nurture consumer loyalty. MoonPay President of Enterprise Keith Grossman and Mastercard Chief Marketing & Communications Officer Raja Rajamanna made the announcement at the Money20/20 conference in Las Vegas.
According to a press release issued by MoonPay on October 26th, the agreement would also enable the payments app to use Mastercard’s Crypto Credential system to guarantee the trustworthiness and compliance of blockchain network transactions between companies and consumers. The two companies will also “look into how Mastercard’s top payment technologies, such as Mastercard Send and Click to Pay, can be added to MoonPay’s Web3 stack.”
As an added bonus, the agreement will include significant contributions from Otherlife, a MoonPay company that offers Web3 creative agency services, development, strategy, and experience services.
Companies in the payment card industry have been experimenting with and investing in blockchain technology in order to broaden their offerings. The initiatives have led to developments like free Ethereum transactions and stablecoin-based payments.
In an effort to assist artists in the areas of creation, collaboration, and monetization using Web3 technologies and services, Mastercard created the Mastercard Artist Accelerator earlier this year. MetaMask and Ledger are two examples of non-custodial wallet companies that have lately been rumored to be collaborating with Mastercard.
Approximately two months ago, MoonPay announced a cooperation with cryptocurrency exchange Binance.US is the American branch of Binance, a worldwide cryptocurrency exchange, and it offers customers an additional USD-to-cryptocurrency trading option.
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