Mastercard Brings Card Payments to The Sandbox, Mintable and Others

In a recent press release, leading payments network Mastercard disclosed plans to bring its services into the NFT industry. The company is joining forces with a string of NFT marketplaces to introduce “simple and secure” NFT commerce. 

Buying NFTs Without Getting Crypto

Mastercard’s new partners include The Sandbox, Mintable, Nifty Gateway, Candy Digital, and other platforms. Together, they will provide Mastercard holders with the option to acquire non-fungible tokens using their credit or debit cards. Prospective buyers from Mastercard’s 2.9B client base can either use the listed marketplaces or their crypto services.

Explaining its motivation, the card network shared the results of a survey of over 35,000 individuals across 40 countries. 45% of the respondents revealed that they either owned a non-fungible token or were open to buying one. About half of the group noted that they would like more flexible options in digital currency payments.

The idea is to be able to complete daily purchases with cryptocurrency or buy an NFT with a credit or debit card. Mastercard aims to give the people just what they want by supplying this flexibility. They also noted that they believe the purchase process should be safe and uncomplicated. The release surmised:

Earn up to 245% APR!

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Buy the NFTs you want on the marketplace of your choice. No need to buy crypto first.” 

Mastercard’s Growing Interest in the NFT Community

Mastercard acknowledges that NFT marketplaces are a significant part of the industry. The post pointed out that marketplaces scaled $25 billion processing NFT purchases across brackets like art, video games, and collectibles. These platforms also host sales for some major players within the NFT space.

Mastercard is expanding its partnership with NFT marketplaces and #web3 providers to simplify the process of buying NFTs. Now anyone can buy an NFT with their Mastercard, without having to buy crypto first. Learn more: https://t.co/YOf3wPZW55

— Mastercard News (@MastercardNews) June 9, 2022

Given these points, the payments giant is ready to further its foray into the Web3 environment. Mastercard’s latest move mirrors another from earlier this year, where the company partnered with Coinbase. The venture saw Mastercard provide a card payment option for users on Coinbase’s newly launched NFT marketplace.

Fast-tracking Adoption

Indeed, the company says with the recent collaborations; it is building on its previous work. Overall, the goal remains the same for Mastercard; to ease entry into the NFT and crypto space. Mastercard would also like to ensure the latter continues to see innovation and expansion, thus attracting new customers.

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They also shared that they are implementing their “full suite of capabilities” to ensure user safety. This includes using their cybersecurity functions to protect buyer data during transactions. Mastercard intends to see NFT marketplaces provide customers with a sense of security akin to online stores supporting card payments. The payment network is eager to provide participants with more purchase options. Finally, Mastercard says it is committed to seeing this industry throw its doors open to the general populace.