Mastercard will soon let 3 Billion people buy crypto and NFT's using its network

0 0

By Matthew Griffin Connected Society 11th July 2022

WHY THIS MATTERS IN BRIEF

Global payment companies like Mastercard and Visa used to ban crypto purchases unilaterally, and now they want to dominate them.

Love the Exponential Future? Join our XPotential Community, subscribe to the podcast, future proof yourself with courses from XPotential University, read about exponential tech and trends, connect, watch a keynote, or browse my blog.

In an unsurprising move but a good one, most would argue, international payment processing giant Mastercard has announced that it’s expanding its payment network to include Non-Fungible Token (NFT) markets and Web 3.0, which then begs the question … could you one day put your NFT mortgage on your credit card?

UBS pilots tokenised money market transfers on public blockchains

The financial service provider announced that it has been working on expanding its payment networks to incllude NFTs over the past year and to do so they’ve partnered with a number of leading NFT marketplaces, including OpenSea and the Sandbox, in order to allow 2.9 billion cardholders to directly buy NFT’s without having to buy crypto first.

The Future of the Metaverse, crypto, NFT’s and more, by keynote Matthew Griffin

Currently most users need to buy crypto to bid on and buy NFTs. However, with the latest Mastercard partnerships billions of cardholders can now bypass the process of buying a transferring crypto to NFT marketplaces which not only comes with lots of risks, but which has also become increasingly confusing and complex as the number of crypto exchanges and providers explodes.

Stanford researchers created a ChatGPT clone for $600 then shut it down

The NFT card-purchase service was first launched in January this year with Coinbase, allowing users to buy NFTs directly by using credit cards.

The decision to expand its payment network to the rapidly growing NFT ecosystem was also based on the company’s latest survey of 35,000 respondents from 40 countries, which showed that 45 percent of the consumers have either bought an NFT or are considering doing so. 50 percent of the surveyed consumers also showed interest in getting more flexible options to make purchases.

A secret trader just made over $200 million in a month trading Ethereum

The firm claimed they are also working on offering “world class security” to customers with their latest payment options, similar to “when making transactions in a store or online with a Mastercard card.”

The payment processing giant has also shown keen interest in the crypto and NFT markets over the past couple of years, and earlier in April this year the company filed for 15 metaverse and NFT related trademarks.

All of which is a giant turnaround for a company that in the early days of crypto was blocking crypto transactions left right and center on their global network, and which is now competing with giant Visa to become crypto top dog.

Matthew Griffin / About Author

Described by NASA as a "Walking Encyclopaedia of the Future" and one of the world’s most in demand keynote speakers Matthew Griffin, Founder and Futurist in Chief of the 311 Institute, a global Futures and Deep Futures advisory firm, is a multi-award winning Futurist and strategic foresight expert, author, lecturer, mentor, podcast and YouTube host.

With a distinguished career running global business units at Atos, EMC, and IBM today Matthew helps leaders and titans of industry from all over the world explore the impact of the inter sections of technology, culture, and leadership, then helps them create high performance organisations that can continuously disrupt, outpace, and outthink their competition.

15 times author of the hit series the Codex of the Future series Matthew's ability to identify, track, and explain the impacts of hundreds of emerging technologies and trends on global business, culture, and society has earned him a powerful reputation and a roster of clients that include royal households, world leaders across the G7, G20, and G77, and many of the world's most recognised and exceptional organisations including ABB, Accenture, ABN Amro, Adidas, AON, ARM, BCG, Centrica, Citi Group, Coca Cola, Deloitte, Dentons, Disney, Dow, EY, Google, KPMG, Lego, Microsoft, Legal & General, LinkedIn, Nokia, Paramount, PepsiCo, PWC, Qualcomm, RWE, Samsung, T-Mobile, UBS, Visa, WIRED, WPP and hundreds of others.

Matthew is regularly featured in the global media including the AP, BBC, Bloomberg, CNBC, Discovery, Forbes, Khaleej Times, Telegraph, TIME, ViacomCBS, WIRED, and the WSJ, and his mission is to help organisations create a fair and sustainable future whose benefits are shared by everyone irrespective of their ability, background, or circumstances.