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Mastercard will allow credit and debit card purchases of NFTs on seven platforms



Mastercard announced that it is teaming up with several non-fungible token (NFT) markets to “bring its payments network to the Web 3”, enabling the purchase of NFTs with Mastercard debit and credit cards.

According to a publication, NFT platforms joining Mastercard include The Sandbox, Nifty Gateway, Immutable X, Candy Digital, Mintable and Spring, in addition to Web 3 infrastructure provider MoonPay.

The integration will allow users to acquire NFTs “easy and secure” by using their cards instead of cryptocurrencies to finalize the transaction.

Together, these partner marketplaces “generated over $25 billion in sales in 2021 — from art, sports, video games, collectibles to metaverse platforms,” according to Mastercard.

“We are working with these companies to allow people to use their Mastercard cards to purchase NFTs, either in one of these companies’ marketplaces or using their crypto services,” said Raj Dhamodharan, Executive Vice President of Blockchain Products and Partnerships at Mastercard. .

According to Dhamodharan, with 2.9 billion Mastercard cards issued globally, “this change could have a big impact on the NFT ecosystem.”

More flexibility for users

Mastercard also argued that by adding support for direct purchases of NFTs, the company will deliver “exactly what people want.”

The financial services provider cited its recent survey of more than 25,000 people in 40 countries, which found that about 45% of respondents had already purchased or were considering purchasing an NFT.

The study also found that approximately 50% favored more flexibility in payment options, i.e. being able to use cryptocurrencies for everyday payments or using their debit or credit cards to purchase an NFT.

The findings echo a recent survey by Deloitte, which revealed that more than 85% of companies consider implementing cryptocurrency payments a high or very high priority.

This is not the first time Mastercard has partnered with an NFT marketplace. This year, the company announced a partnership with Coinbase that aims to simplify the acquisition process on its Coinbase NFT website, which launched in May.

In February, Mastercard also announced advisory services for banks and merchants ranging from cryptocurrencies and NFTs to crypto cards and loyalty programs.

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