Mastercard and Web3 payment protocol Immersve have teamed up to allow users to make cryptocurrency payments in digital, physical, and Metaverse worlds. The partnership will enable real-time cryptocurrency transactions on outlets accepting Mastercard payments online using decentralized protocols. The stablecoin used for settling transactions on Mastercard’s network will be USDC tokens, issued by Circle and backed by the US dollar.
With the Mastercard-Immersve partnership, users will be able to make direct crypto payments without relying on third parties for collateral. Instead, Immersve will collaborate with a third-party settlement provider and allow users to use USDC for all purchases. Once the transaction is successful, USDC will be converted to fiat and settled on Mastercard’s network.
USDC tokens to be used for settling transactions on Mastercard’s network
Users will access the feature through popular Web3 wallets and use their private keys to approve payments. Additionally, Web3 wallets and decentralized finance (DeFi) protocols can integrate into Immersve’s APIs and smart contracts to transact anywhere Mastercard is accepted.
Over the years, Mastercard has entered into several partnerships to stay relevant in the crypto ecosystem. One such initiative was its collaboration with Binance to launch a prepaid card in Latin America that allows real-time crypto-fiat conversions for 14 tokens in Brazil. At the time of the launch, cardholders received up to 8% cash back in crypto on eligible purchases and paid zero fees on some ATM withdrawals.
Mastercard continues to expand its presence in the crypto ecosystem with partnerships
The partnership is a significant move by Mastercard to embrace the growing interest in cryptocurrencies and blockchain technology. With this move, Mastercard hopes to expand its user base while making cryptocurrency transactions simpler and more accessible to users. The partnership is a significant development in the growing trend of mainstream companies adopting cryptocurrencies, paving the way for further adoption of cryptocurrencies by individuals and businesses.