Mastercard has joined forces with MoonPay, a cryptocurrency and non-fungible tokens (NFTs) payments app, to delve into the potential connections between the blockchain-based Web3 world and consumer loyalty.
The announcement was made at the Money20/20 event in Las Vegas, where the companies shared their vision for leveraging Web3 to enhance customer engagement. MoonPay also shared a statement announcing the partnership on X.
As part of this collaboration, MoonPay will incorporate Mastercard’s Crypto Credential system, a compliance-friendly solution ensuring trusted transactions that align with regulatory standards.
The partnership also includes the integration of advanced payments technologies such as Mastercard Send and Click to Pay, as outlined in a recent blog post.
Furthermore, Otherlife, a subsidiary of MoonPay specializing in Web3 creative agency services, development, strategy, and experiential services, is slated to play a pivotal role in this collaboration.
Ivan Soto-Wright, co-founder and CEO of MoonPay, expressed enthusiasm about the collaboration, stating, “We’re excited to collaborate with Mastercard, a prominent supporter of Web3 and the digital economy, to redefine customer loyalty and engagement.”
This partnership follows Mastercard’s initiatives in the Web3 space, including previous collaborations with MoonPay in 2022, focusing on enabling cardholders to purchase NFTs.
The alliance reflects the ongoing efforts of major card networks like Mastercard to actively engage with the evolving landscape of Web3, exploring diverse areas such as stablecoin-based payments and addressing challenges like gas fees in Ethereum transactions.
