It is clear that Mastercard aims to dethrone Visa and Union Pay in the marketing of payment and withdrawal systems. To see its recent initiatives in Web3, the American financial giant thinks of conquering other market shares at the level of Generation Z and Millennials. And it looks like this 3.2 billion customer strong company isn’t going to settle for so little.
Mastercard accelerates in 2023
The idyll between Mastercard and Web 3.0 began very early. In 2022, the payment card giant actually started to accept companies from the crypto-blockchain sector in its Start Path In Solidarity program. Proof that Mastercard has a very effective technology watch system and does not think it will miss the Web3 train.
For the year 2023, moreover, the American multinational has set itself other objectives in Web3.
January 2023: Artist Accelerator Program
” Today, Mastercard has expanded its growing music footprint by launching the Web3-based MasterCard Artist Accelerator program. Web3 capabilities have the potential to open up a new dimension for creation of musical content, collaboration and ownership; however, this nascent space has yet to deliver its full fruits, especially for emerging artists. The Mastercard Artist Accelerator will connect selected artists around the world with renowned mentors and a vibrant fanbase as they learn and create on the Web3 “, can we read on the site from MasterCard.
February 2023: Partnership with Immersve for the Metaverse Mastercard
This alliance with the Australian startup Immersve will notably allow New Zealand and Australian users to pay with cryptocurrencies with their Mastercard Immersve card. In addition, it will allow transferring or withdrawing fiat using a non-custodial crypto wallet. This is possible in the real world as well as in the metaverse.
April 2023: Launch of Mastercard Crypto Credential
It is a Web3 solution of anti-fraud verification with which users will be able to carry out transactions in cryptocurrencies in complete safety. You can enjoy the video showcasing this new feature via the tweet below.
Mastercard and cryptocurrencies
With cryptocurrencies, Mastercard preferred to be cautious. If the company announced on February 21 the integration of a crypto payment method, it is to feed its ambitions in Web3.
By the way, we should note that some time later Mastercard and Visa decided to slow down a bit in the crypto universe. It is better for the two financial giants to see the evolution of the market than to feel their way there. The memories left behind by Terra and FTX are hard to forget, unfortunately.
While waiting to regain its dynamism in the establishment of a cryptocurrency payment system, the American company must take into account that devices similar to its own are being deployed through the Bitcoin Lightning Network and the Hydra of Cardano.
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