NFT Payment: Mastercard Announces New Crypto Partners

• Mastercard has announced plans to widen NFT payment through its card.

• The company has partnered with Immutable X, Candy Digital, The Sandbox, Mintable, MoonPay, Spring, and Nifty Gateway to enable NFT commerce.

• Once the deal is concluded, 2.9 billion Mastercard cards globally will be activated for NFT transactions.

Leading card payment company, Mastercard has announced plans to widen access to the NFT market through the use of card payments. The company published a blog post on June 9, confirming the initiative.

In the blog post, an executive vice president of the company, Raj Dhamodharan, disclosed that the company had partnered with Immutable X, Candy Digital, The Sandbox, Mintable, MoonPay, Spring, and Nifty Gateway to enable NFT payment.

Dhamodharan disclosed that Mastercard is working with these companies to allow people to use their Mastercard cards for NFT purchases. He also disclosed that the NFT payment will not be limited to these companies’ marketplaces alone as their crypto services could be used to enable NFT commerce using Mastercard on other platforms.

With 2.9 billion Mastercard cards in circulation globally, the news is likely to have a major impact on the NFT ecosystem.

At the moment, the process of purchasing an NFT from an NFT market place involves loading your crypto wallet with funds, then proceeding to buy the NFT with crypto tokens.

Read also: PayPal Introduces Crypto Transfer and Withdrawal

This is not the first time that Mastercard has shown interest in the NFT world. The company had previously announced a partnership with Coinbase to support cash payments on its recently-launched NFT platform.

In the blog post, Dhamodharan revealed that a Mastercard survey showed that more than 45% of 35,000 respondents said that they had bought an NFT or would consider doing so. Around half of the 40% also stated that they want more flexibility in NFT payment.

Follow Naija.fm on our social media handles Facebook, Instagram, and Twitter to keep up with trending news and entertainment gist.