While Visa is still a little behind, direct NFT purchases will be permitted by Mastercard for 2.9 billion customers. The global leader in payment processing, Mastercard, is growing its payment network for Web3 and non fungible token (NFT) marketplaces. The financial service provider disclosed that throughout the previous year, they have been putting effort into extending their payment networks to NFTs. To enable 2.9 billion cardholders to directly make NFT transactions without first purchasing cryptocurrency, the company has partnered with a number of major NFT markets.To acquire and bid on NFTs at the moment, customers must purchase cryptocurrency. However, billions of cardholders can now avoid the system thanks to the most recent Mastercard arrangement.
According to the firm statement:
“These integrations are designed to make crypto more accessible and help the NFT ecosystem keep growing, innovating and bringing in more fans.”
In a joint effort with Coinbase, the NFT card-purchase service was originally introduced in January of this year, enabling consumers to immediately purchase NFTs using credit cards.The company’s most recent study of 35,000 respondents from 40 countries, which revealed that 45% of consumers had either purchased an NFT or are contemplating doing so, also played a role in the decision to expand its payment network to the fast expanding NFT ecosystem. Additionally, 50% of the respondents in the poll expressed interest in having more flexible purchasing options.
Mastercard NFT direct purchase to make things easier and more popular
The company’s goal is to make payments simpler for prospective purchasers of these goods who may be hindered by the obstacles that the crypto realm can provide. Raj Dhamodharan, Mastercard’s executive vice president for digital assets, says:
“Buying digital goods should be as simple as buying a T-shirt or coffee pods on an e-commerce site. You can make your purchase with one click — that’s it.”
The market for cryptocurrencies and NFTs has attracted the attention of the world’s largest payment processor in recent years. Mastercard submitted 15 trademark applications connected to the metaverse and NFT earlier this year in April.The two largest mainstream payment processors, Visa and Mastercard, are now racing to become the top decentralized financial services. To help creators grow their businesses using NFTs, Visa introduced an immersion program back in March 2022. Additionally, according to the business, payments made with debit and credit cards on these online marketplaces will benefit from the “complete suite of capabilities” that the business provides for payments made in physical locations, safeguarding customers against fraud. Recently, Mastercard and Edge collaborated to introduce a card that does not ask users for KYC data. Mastercard NFT direct purchase and card usage in Web3 projects is another major step in NFT and the Web3 industry in general.