Cryptocurrency payments provider MoonPay announced a new collaboration with Mastercard focused on Web3-based marketing and experiences.
With MoonPay, a cryptocurrency and NFTs payment service, Mastercard has teamed to investigate possible integrations and customer loyalty opportunities inside the developing Web3 ecosystem.
During the Money20/20 conference in Las Vegas, Mastercard and MoonPay made headlines when they announced their partnership to close the gap between the traditional financial industry and the Web3 space.
This agreement, which aims to foster client loyalty, will use Mastercard’s vast network and MoonPay’s established presence in the cryptocurrency and non-fungible token (NFT) space.
Visa and Mastercard have been delving deeper into Web3 possibilities, broadening their focus beyond stablecoin-based transactions to efforts to reduce Ethereum’s (ETH) gas costs. Mastercard’s recent initiatives with Ledger and MetaMask highlight the company’s dedication to web3 connectivity.
Mastercard’s collaboration with MoonPay adds its Crypto Credential technology to the mix, ensuring a reliable and legally compliant transaction environment.
The integration of Mastercard’s payment solutions, such as Mastercard Send and Click to Pay, complements this. There are some disagreements with this partnership, though.
While the integration of web3 is innovative, it also adds a layer of complexity in terms of security and regulatory compliance, areas still maturing. Furthermore, the volatile nature of the cryptocurrency market raises concerns about such partnerships’ long-term viability and stability.
Moreover, although MoonPay’s subsidiary Otherlife’s participation gives the collaboration a creative and strategic edge, it is unclear how these qualities will materialize into customer advantages.
