Mastercard is teaming up with crypto offramp platform Moonpay to identify potential applications of Web3 technology for experiential marketing campaigns.
Moonpay revealed this collaboration in an announcement on October 25, 2023. The company noted that the partnership aims to find innovative ways to connect with customers through crypto tools.
As part of this partnership, Moonpay plans to develop fresh engagement strategies while leveraging its suite of blockchain products and services. The company noted that its subsidiary, Otherlife, which offers Web3 creative agency services, will play a significant role in the endeavour.
In addition to pioneering marketing concepts, MoonPay will also integrate Mastercard products into its payment solutions. Some of the planned integrations are Mastercard’s “Click to Pay,” Mastercard Send, and Mastercard Crypto Credentials.
The partnership was first announced by MoonPay’s Executive, Keith Grossman, and Raja Rajamannar, Chief Marketing Officer at Mastercard, during a presentation at the Money20/20 conference in Las Vegas yesterday, October 25, 2023.
🚨Exciting news from @money2020 🚨
Our very own President of Enterprise @KeithGrossman & Mastercard’s Chief Marketing & Communications Officer, @RajaRajamannar, took the stage to announce our collaboration. 🤝
We’re thrilled to team up with @Mastercard, the best is yet to come! pic.twitter.com/IRTXsO7kd1
— MoonPay 🟣 (@moonpay) October 25, 2023
Meanwhile, this new collaboration highlights Mastercard’s commitment to embracing crypto and DeFi technologies. In February 2023, Mastercard and Visa reportedly scaled back their plans to form new partnerships with crypto businesses due to the high-profile mishaps in the industry. However, Mastercard continued to take significant steps in the industry.
In August 2023, Mastercard joined forces with Ripple, ConsenSys, and other industry leaders to conduct research on how the private sector can address challenges related to Central Bank Digital Currencies (CBDCs), such as issuance, security, privacy, and interoperability. This research also aims to determine how CBDCs can be integrated into existing payment methods across various use cases.
At the time, Raj Dhamodharan, Mastercard’s Head of Digital Assets and Blockchain, described the collaboration with industry leaders as a result of the payment giant’s belief in “payment choice” and “interoperability across the different ways of making payments” as an essential component of a thriving economy.
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