Mastercard is taking another step toward embracing the world of decentralized technologies by partnering with MoonPay, a cryptocurrency payment platform.
Announced on October 25th by MoonPay, this collaboration was also highlighted by Keith Grossman, MoonPay's enterprise president, and Raja Rajamannar, Mastercard's chief marketing and communications officer, at the Money20/20 event in Las Vegas.
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Both companies aim to explore how Web3 can create new ways of engaging with Mastercard's user base.
Grossman took to LinkedIn to specify that Mastercard would leverage MoonPay's extensive Web3 offerings:
Mastercard will take advantage of MoonPay’s entire Web3 portfolio, including auth to minting to ETHPass and more as well as work closely with our agency, Otherlife, for strategy, creative and front-end dev work for their experiential initiatives.
In addition to developing Web3 consumer experiences, the collaboration will focus on integrating Mastercard's established tools into MoonPay's payment solutions. Specifically, MoonPay plans to incorporate features like "Click to Pay," Mastercard Send, and Mastercard Crypto Credentials to enhance compliance and trust in the Web3 environment.
Mastercard's Web3 marketing representative, Adam Polansky, expressed gratitude and excitement about the partnership on Grossman's LinkedIn post. Elizabeth Taylor, Mastercard's partnership executive, also shared enthusiasm about the venture.
Although Mastercard had not made an official announcement at the time of reporting, the company has shown increased interest in blockchain and crypto technologies. Earlier this year, Mastercard initiated a program with Paxos to enable banks to offer cryptocurrency trading to their clients. Mastercard has also previously collaborated with crypto exchange Coinbase.
The partnership between Mastercard and MoonPay aims to tap into the burgeoning world of Web3 technologies to enhance consumer experiences and improve compliance and trust across decentralized platforms. With Mastercard already making significant strides in the crypto and blockchain landscape, this collaboration marks a crucial next step for both companies.
