MasterCard to Process Card Payments in the Metaverse

MasterCard to Process Card Payments in the Metaverse

Mastercard is reportedly applying to file over a dozen NFT patents and metaverse related trademarks in the United States.

Some of the USPTO (United States Patent and Trademark Office) applications can be viewed here and here. One document describes the application as pertaining to:

Processing of virtual credit card, virtual debit card, virtual prepaid card, and virtual payment card transactions in the metaverse and other virtual worlds.

Another indicates MasterCard’s intention to add its branding to financial education seminars, sporting events and other types of event or shows within the metaverse.

Metaverse is one of the four largest credit card networks in the world, valued at $ 340 billion. They appear ready to put their funds to use to secure a strong footing in the metaverse and NFT space.

MasterCard NFT Marketplace?

Part of the patent filings also suggest plans for a ‘virtual community for digital assets’, which sounds like an NFT marketplace.

They will certainly be adding support to use their cards at NFT marketplaces, at any rate, as several of the patents refer to that, as well as concierge services in the metaverse.

According to CoinTelegraph Mastercard hired 500 new employees in Q1 2022 to work on the company’s adoption of cryptocurrency, blockchain tech and non-fungible tokens.

Every week it appears more of the largest companies in the world (Companies Market Cap ranks Mastercard #23) are investing in NFTs in some way.

We’ve recently reported on Starbucks releasing an NFT collection and Lego launching a metaverse with Epic Games.

Fellow payment processor giant Visa have also launched an NFT creator program for small businesses and upcoming NFT artists. American Express has also submitted cryptocurrency related patent applications.

Cryptoassets are a highly volatile unregulated investment product.

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Author: Matt Williams

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