Digital assets payment platform, MoonPay announced a partnership with global payment firm Mastercard to advance web3 integrations, build connections, and boost marketing tools.
MoonPay revealed the new development in a blog post adding on X (Twitter) that Keith Grossman the company’s Enterprise President and Raja Rajamannar Mastercard’s Chief Marketing Officer spoke on the move at the Money20/20 event in Las Vegas.
“We’re excited to collaborate with Mastercard, a prominent supporter of Web3 and the digital economy, to redefine customer loyalty and engagement.”
Digital marketing remains at the center of the partnership as Mastercard seeks modern solutions to expand its boost customer loyalty, and engagements and build on a partnership the firm began in 2022.
We’re excited to officially announce our partnership with @Mastercard, one of the largest technology companies in the payments industry 🥳👇 pic.twitter.com/zdWzYefsPN
— MoonPay 🟣 (@moonpay) October 25, 2023
“Together, MoonPay and Mastercard will explore how Web3 tools can enhance experiential marketing—including across Mastercard’s renowned sponsorship portfolio—to connect with consumers in new ways.”
According to the release, Otherlife, a subsidiary of MoonPay, would provide web3 creative services to both companies and solutions created playing a key role in the partnership.
Both firms eye growth
MoonPay will integrate Mastercard’s tools like Send, Crypto Credentials, and Click-to-Pay into its services which will help ensure that transactions on the crypto firm are regulatory compliant and trustworthy in light of the recent regulatory scrutiny on the markets.
In recent years, traditional payment firms like Mastercard have delved into the digital asset space with an eye for development and wider adoption.
Ivan Soto-Wright, the CEO and co-founder of MoonPay described the significance of the partnership to the policies of both firms adding it will redefine customer engagement.
“Joining forces will create new opportunities to showcase blockchain’s potential in establishing unique connections and meaningful moments while broadening our industry’s overall reach.”
Grossman stated that the payment giant will leverage the company’s entire portfolio including ETHPass to achieve their expectations. “Mastercard will take advantage of MoonPay’s entire Web3 portfolio, including auth to minting to ETHPass and more as well as work closely with our agency, Otherlife, for strategy, creative, and front-end dev work for their experiential initiatives.”
On their part, employees of Mastercard have praised the partnership on many platforms although the firm is yet to disclose an official statement.
Mastercard web3 foray continues
The company has been active in the digital asset market intending to tap into the growing adoption and push its services to new frontiers.
🧑🏻💻💰Mastercard’s Chief Says Blockchain Can Bring Much More Value to Financial Services@Mastercard finds that #crypto and blockchain are useful and can bring much more value to financial industries as a whole.#CryptoNews #blockchainhttps://t.co/opxXriQLuQ
— Cryptonews.com (@cryptonews) May 25, 2023
Last year, Mastercard announced a partnership with Paxos to allow banks to participate in crypto trading, a move viewed as a major shift in traditional digital asset adoption.
While Mastercard integrates the service into the bank’s interfaces onboarding more users, Paxos will provide custody services alongside other functionalities.
The company also made similar moves with crypto hardware wallets and Coinbase regarding non-fungible tokens.
