Mastercard Collaborates with MoonPay To Enhance Consumer Loyalty Programs

Mastercard and MoonPay have announced a collaboration to explore integrations and consumer loyalty opportunities within the emerging Web3 ecosystem.

The partnership aims to bridge the gap between the traditional financial world and the new Web3 landscape.

Mastercard’s extensive network and MoonPay’s foothold in the cryptocurrency and NFTs domain will be leveraged with a focus on cultivating customer loyalty. The announcement was made during the Money20/20 event in Las Vegas.

Visa and Mastercard are actively involved in developing Web3 technology and have been working on a wide range of projects, such as stablecoin-based payments and eliminating gas fees from Ethereum transactions.

Recently, Mastercard announced its collaboration with non-custodial wallet companies MetaMask and Ledger, during a Web3 workshop presentation.

As part of this partnership, MoonPay can now leverage Mastercard’s Crypto Credential system to ensure that transactions are secure and compliant with regulations. Additionally, Mastercard Send and Click to Pay payment technology integration is possible, as stated in a blog post.

In addition, MoonPay’s subsidiary, Otherlife, will play a crucial role in providing Web3 creative agency services, development, strategy, and experiential services as part of the partnership.

“We’re excited to collaborate with Mastercard, a prominent supporter of Web3 and the digital economy, to redefine customer loyalty and engagement,” MoonPay’s co-founder and CEO Ivan Soto-Wright said in the blog post.

Collaboration can be a great thing, but it’s not always easy. In the case of the crypto market, there are concerns about the future prospects and reliability of partnerships. Additionally, incorporating web3 technology, while innovative, can add an extra layer of complexity regarding security and regulatory compliance. These are areas that are still in the process of development and refinement.