Mastercard Partners with NFT Marketplaces to Allow Purchases with Fiat

American payment processing giant Mastercard has announced that it is expanding its payment network for NFTs by tying up with several prominent marketplaces.
Mastercard Partners with NFT Marketplaces to Allow Purchases with Fiat

The partnership will make it possible for people to buy NFTs on marketplaces with their Mastercard-issued credit or debit cards. Mastercard believes the move will enable more consumers to purchase NFTs as barriers to entry are reduced with wider payment options.

NFT marketplaces – Immutable X, Candy Digital, The Sandbox, Mintable, Spring, and Nifty Gateway, along with Moonpay, a Web3 infrastructure provider – are partnering with Mastercard. As per estimates, the said marketplaces have a substantial stake in the NFT space, contributing to over $25 billion sales in 2021.

The integration will not only make it easier for people, especially newcomers, to buy NFTs with their cards – instead of crypto – but also safer and more secure to complete transactions. And also bypass the step to first purchase crypto.

Raj Dhamodharan, executive vice president for digital assets at Mastercard said:

“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 company first launched this program in January this year to allow its 2.9 billion cardholders to buy NFTs in a tie-up with Coinbase.

In a recent survey of 35,000 people in 40 countries, Mastercard found that 45% of the respondents had already purchased an NFT or are likely to do so. Also, 50% of consumers were looking for flexible payment options.

Mastercard cited its recent survey findings over its decision to expand partnerships with NFT marketplaces in a rapidly growing industry. The financial service provider is also working on added security features for its cardholders.

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James Satoshi
James Satoshi
James is a leader in Web3, NFTs, & DeFi with over 4 years of experience in the industry. You'll spot him covering all topics through-out Coinmash in our guides and analysis sections.