Mastercard to allow crypto payments in Web3 via USDC settlements
The Mastercard-Immersve partnership uses decentralized protocols to settle real-time cryptocurrency transactions on outlets accepting Mastercard payments online.
A partnership between Web3 payment protocol Immersve and payments giant Mastercard will allow users to make crypto payments on digital, physical and the Metaverse worlds. Once the transaction is successful from the user’s end, USD Coin (USDC) tokens — a US dollar-backed stablecoin issued by Circle — will get converted to fiat and be used to settle transactions on Mastercard’s network.
The Mastercard-Immersve partnership uses decentralized protocols to settle real-time cryptocurrency transactions on outlets accepting Mastercard payments online. Users will be able to use their existing Web3 wallets to make direct crypto payments without relying on a third party for 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 from the user’s end, USDC will get converted to fiat before settling on Mastercard’s network.
Users will be able to access the feature through popular Web3 wallets and use their private keys to approve payments. In this regard, Jerome Faury, CEO at Immersve, shared optimism toward crypto use cases, stating:
“Collaborating with a well-known and trusted brand like Mastercard is a big step towards mainstream adoption of web3 wallets.”
Moreover, Web3 wallets and decentralized finance (DeFi) protocols can integrate into Immersve’s APIs and smart contracts to transact anywhere Mastercard is accepted.
Related: Bit2Me and Mastercard launch debit card with crypto cashback
Over several years, Mastercard has fostered numerous partnerships to stay relevant in the crypto ecosystem. One such initiative was Mastercard’s partnership with crypto exchange Binance to launch a prepaid card in Latin America.
Olá, Brasil! #Binance Card has just launched in Brazil – another step towards crypto adoption pic.twitter.com/UJRmpMhpbQ
— Binance (@binance) January 30, 2023
The card allows real-time crypto-fiat conversions for 14 tokens in Brazil. At the time of the launch, perks included up to 8% cash back in crypto on eligible purchases and zero fees on some ATM withdrawals.