American multinational financial services corporation Mastercard, throughout the world, its principal business is to process payments between the banks of merchants and issuing cards banks or credit unions of the purchasers.
The payment giant Mastercard is exploring ways to process payments in the metaverse. And also filed 15 non-fungible-token (NFT) and metaverse related trademark applications with the United States Patent and Trademark Office (USPTO).
Mastercard’s future planning
According to Cointelegraph, the organization is also considering establishing a marketplace for NFT trading, where customers can sell or buy virtual assets, and propose events, concerts, festivals, and awards within the metaverse and others. Additionally, the brand highlights the use of cryptocurrencies, virtual MasterCard, and non-fungible tokens (NFTs) within the metaverse.
The Mastercard emblem for the Metaverse, like the alternate utility, suggests circles, one purple and the other yellow, each overlapping to give shape.
Mastercard hasn’t officially revealed any plans for a debut in the Metaverse world. In early February, Mastercard hired 500 new employees to advise banks and merchants on crypto and NFT technology adoption. In December, Mastercard launched cryptocurrency-linked payment cards in Asia-Pacific, allowing users to convert their digital assets into fiat currency. The cards try to remove all barriers between merchants who do not accept cryptocurrencies as payment and customers who want to pay with digital assets.
Recently, in a public statement, Rama Sridhar Mastercard’s executive vice president for digital and emerging partnerships and new payment flows for AsiaPacific said, “Cryptocurrencies are many things to people an investment, a disruptive technology, or a unique financial tool. As interest and attention surge from all quarters, their real-world applications are now emerging beyond the speculative.”
Meanwhile, other big names such as Visa and American Express have also filed several applications related to payment cards and services in the metaverse and using its cards at NFT marketplaces. Now it’s time to enjoy the show and see who could conquer the top of this virtual world initiative.