Mastercard and the crypto payment service MoonPay have recently announced a partnership aimed at exploring marketing opportunities within the Web3 landscape.
The collaboration, first introduced at the Money20/20 fintech event in Las Vegas, was reconfirmed today via a press release.
The main focus of the partnership is to investigate how Web3 tools can enhance experiential marketing. The two companies will join forces to discover innovative ways of connecting with customers in the Web3 era, particularly targeting newer generations, while also reimagining loyalty and engagement strategies.
The partnership also involves the key role of Otherlife, a subsidiary of MoonPay that specializes in providing Web3 creative agency services, development, and strategy.
As part of the collaboration, MoonPay will also explore the integration of Mastercard’s innovative payments technology — including Mastercard Send and Click to Pay — into MoonPay’s Web3 infrastructure.
MoonPay has a history of forming partnerships to expand its offerings and find new solutions. In 2022, it joined forces with OpenSea, allowing users to purchase NFTs using various payment methods, including credit cards, Apple Pay, and Google Pay. During the same year, MoonPay secured a substantial investment of $87 million, with high-profile celebrities such as Paris Hilton, Jason Derulo, Justin Bieber, and Post Malone among its investors.
Mastercard has consistently embraced emerging technologies, and Web3 is no exception. Earlier this year, the company unveiled a Web3 program and NFT Pass designed to support musical artists in the digital world.
Various companies have already leveraged Web3 to offer innovative ways for customers to interact with their brands. Examples include Web3-based loyalty programs, like Starbucks’ Odyssey initiative, and NFTs to provide exclusive benefits for holders and loyal customers.