A partnership between payment protocol Web3 Immersve and payment giant Mastercard will enable users to make cryptocurrency payments across the digital, physical, and Metaverse worlds. USD Coin (USDC) tokens – a dollar-backed stablecoin issued by Circle – will be used to settle transactions on the Mastercard network.
The Mastercard-Immersve association uses decentralized protocols to settle cryptocurrency transactions in real time at points of sale that accept Mastercard online payments. Users will be able to use their existing Web3 wallets to make direct cryptocurrency payments without relying on third parties 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 has been completed successfully by the user, the USDC tokens will be converted to fiat before being settled on the Mastercard network.
Users will be able to access the feature through popular Web3 wallets and use their private keys to approve payments. In this sense, Jerome Faury, CEO of Immersve, was optimistic about the use cases of cryptocurrencies:
“Partnering with a well-known and trusted brand like Mastercard is a big step towards mass adoption of Web3 wallets.”
Additionally, Web3 wallets and decentralized finance (DeFi) protocols can be integrated into APIs and Immersve smart contracts to transact anywhere Mastercard is accepted.
Over the course of several years, Mastercard has fostered numerous partnerships to remain relevant in the cryptocurrency ecosystem. One of these initiatives was Mastercard’s partnership with the Binance cryptocurrency exchange to launch a prepaid card in Latin America.
Hello, Brazil! #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-to-fiat conversions for 14 tokens in Brazil. At launch, benefits included up to 8% back in crypto on eligible purchases and zero fees on some ATM withdrawals.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.