Mastercard unveiled new platforms for NFT payment with bank cards

Payment system customers will be able to buy tokens on Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and MoonPay platforms

10.06.2022 - 12:15

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What’s new? International payment system Mastercard has announced plans to expand abilities to buy NFTs with bank cards. The company has brought in crypto projects such as Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and MoonPay to implement the non-fungible token trading functionality. Mastercard Vice President Raj Dhamodharan wrote about this on the company’s blog.

News on the Mastercard blog

What is known about the partnership? Mastercard will work with partner crypto projects to provide the ability to pay for NFTs with bank cards on these projects’ marketplaces, or through their cryptocurrency services. Dhamodharan noted that there are 2,9 billion Mastercard cards in the world and the partnership could have a big impact on the NFT ecosystem.

According to the vice president, a recent company survey of 35 000 people in 40 countries showed that 45% of respondents had already purchased an NFT, or would be about to do so. More than half of those surveyed said they would like more flexibility in the way they pay for their purchases.

In January, cryptocurrency exchange Coinbase announced a partnership with Mastercard to launch the NFT purchase functionality with bank cards.

In April, Mastercard teamed up with Nexo, a crypto lender, to launch the world’s first crypto-backed payment card. The card’s issuer was the financial app, DiPocket. The card allows one to spend without having to sell one’s digital assets, which are used as collateral to back the credit granted.

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