The New York-based payment company Mastercard Inc. had inked a partnership agreement with MoonPay. In an October 25 update, the MoonPay team confirmed that the partnership with Mastercard aims to explore viable opportunities in the crypto sector.
The two partners plan to leverage the Web3 tools to broaden Mastercard’s market presence. According to the publication, the partners will explore new approaches to increase the Mastercard audience in the competitive markets.
Mastercard Partners with MoonPay
In a recent study, the payment industry is expected to grow exponentially to reach $175.8 billion by 2026. The predicted growth rate fuels fierce competition among payment providers. The attempt to gain dominance in a fast-growing industry inspired Mastercard to collaborate with the fast-paced Delaware financial provider MoonPay.
Speaking at the Money 20/20 event in Las Vegas, the President of MoonPay, Keith Grossman, confirmed that the two companies have agreed to work together to optimize their operations. The executive was pleased to announce that Mastercard will be allowed to explore the MoonPay Web3 portfolio under the partnership agreement.
Grossman recognized that MoonPay ranks among the leading companies in Web3 solutions. He admitted that MoonPay will offer technical support to Mastercard through the partnership.
Additionally, Grossman noted that the partnership would support Mastercard to build an inclusive digital economy. This will be attained by leveraging MoonPay proprietary tools, including the ETHPass, minting digital tokens features.
The executive noted that the two companies will engage in an interesting knowledge-sharing exercise to boost creativity and innovation.
Besides the Web3 experiences, the MoonPay and Mastercard partnership will aim at realizing the desired level of compliance. The report demonstrated that the MoonPay team will introduce Mastercard products on its platform.
MoonPay to Intergrate Mastercard Tools on its Payment Platform
The partnership agreement mandates the MoonPay developers to introduce the Mastercard click-to-pay features in its payment platform. Other products that will be available on the MoonPay platform will include the Mastercard Send and Mastercard Crypto Credentials.
The proposed integration aims at restoring investors’ confidence in the Web3 industry. Elsewhere, the Mastercard head of Web3 marketing, Adam Polansky, expressed his optimism that the partnership will be beneficial in future.
He applauded the remarkable work done by the Mastercard and the MoonPay team. The executive noted that the collaboration will offer Mastercard a smooth navigation in the crypto industry.
In a separate report, the chief executive of MoonPay, Ivan-Soto Wright, was pleased to announce the partnership with Mastercard. The CEO believes partnering with a key contributor in the Web3 and digital economy will enable MoonPay to build a solid customer relationship.
For years, the Mastercard team has engaged in continous development to meet the ever-changing customer’s demands. This development has inspired the Mastercard team to explore the endless opportunities in the Web3, blockchain and crypto sectors.
Mastercard Engages in Mainstream Adoption of Crypto
Last year, the Mastercard team partnered with Paxos, a New York-based fintech company, to introduce new financial products. The collaboration with the Paxos team enabled Mastercard to support banking institutions offering crypto-related services.
As the leading payment provider, Mastercard has been at the forefront in the ongoing push to mainstream adoption of crypto assets. In January 2022, the Mastercard team collaborated with Coinbase to allow the non-fungible token (NFT) holders to trade their digital collectible using the debit card.
In 2021, the Mastercard team collaborated with Bakkt Holding to enable US customers to exchange digital collectibles using custodial wallets.