Mastercard Will Enable Cryptocurrency Payments Within Web3 Using USDC Settlements
Through their partnership with Immersve, Mastercard is utilizing decentralized protocols to facilitate instantaneous cryptocurrency transactions on web-based platforms that accept Mastercard payments.
Valentin
March 13, 2023
The collaboration between Immersve, a Web3 payment protocol, and Mastercard, a leading payments company, will permit individuals to make cryptocurrency payments in the digital, physical, and metaverse realms.
After a successful transaction, United States dollar-backed stablecoin, USDC, issued by Circle, will be converted to fiat and used for settling transactions on the Mastercard network.
To facilitate real-time cryptocurrency transactions on online platforms that accept Mastercard payments, the Mastercard-Immersve partnership employs decentralized protocols. Users will be able to make direct crypto payments using their existing Web3 wallets, without the need for a third party to provide collateral.
Instead, Immersve will collaborate with a third-party settlement provider, allowing its users to use USDC for all purchases.
Source: https://immersve.com/
Using their private keys to authorize payments, individuals will be able to access this feature through commonly used Web3 wallets. Jerome Faury, the CEO of Immersve, expressed optimism about the potential uses of cryptocurrencies, saying that partnering with a reputable and trustworthy brand like Mastercard is a significant step towards mainstream adoption of Web3 wallets.
Furthermore, Web3 wallets and decentralized finance protocols can be integrated into Immersve’s APIs and smart contracts to enable transactions anywhere that Mastercard is accepted.
Mastercard has established numerous partnerships over several years to stay relevant in the cryptocurrency ecosystem. One such collaboration was with Binance, a crypto exchange, to launch a prepaid card in Latin America.