The partnership between Web3 payment protocol Immersve and payment giant Mastercard will enable users to make crypto-currency payments across the digital, physical and metaverse worlds. USD Coin (USDC), a USD-backed stablecoin issued by Circle, will be used to settle transactions on the Mastercard network.
The Mastercard-Immersve partnership uses decentralized protocols to settle crypto transactions in real time at merchants that accept Mastercard online payments. Users will be able to use their existing Web3 wallets to make direct crypto payments without relying on a third party as collateral.
Instead, Immersve will partner with a third party settlement provider and allow its users to use USDC for all purchases. Once the transaction is successful on the part of the user, USD will be converted into fiat before it is deposited on the Mastercard network.
Users will be able to access this feature through popular Web3 wallets and use their private keys to confirm payments. In this regard, Jerome Faury, CEO of Immersve, shared his optimism about the use cases for cryptocurrencies, stating:
“Partnering with a well-known and trusted brand like Mastercard is a big step towards mass adoption of web3 wallets.”
In addition, Web3 wallets and decentralized finance (DeFi) protocols can be integrated into Immersve APIs and smart contracts for transactions wherever Mastercard is accepted.
Bit2Me and Mastercard launch debit card with cryptocurrency cashback
Over the years, Mastercard has forged many partnerships to stay relevant in the crypto ecosystem. One such initiative was Mastercard’s partnership with Binance to launch a prepaid card in Latin America.
Hello Brazil! #Binance Card just launched in Brazil – another step towards cryptocurrency adoption pic.twitter.com/UJRmpMhpbQ
— Binance (@binance) January 30, 2023
The card allows you to convert 14 tokens in Brazil in real time. At launch, perks included up to 8% back in crypto on eligible purchases and zero fees on select ATM withdrawals.
Credit : cointelegraph.com
