Mastercard has partnered with Immersve, a Web3 payment protocol, to enable users to make cryptocurrency payments across digital, physical, and Metaverse environments. To settle transactions on Mastercard's network, the partnership will use Circle's Stablecoin USDC.
The Mastercard-Immersve partnership employs decentralised protocols to allow real-time cryptocurrency transactions on online outlets that accept Mastercard payments. Users will be able to make direct crypto payments using their existing Web3 wallets without the need for a third-party collateral. Immersve will partner with a third-party settlement provider to enable its users to use USDC for all purchases. Once a user's transaction is successful, USDC will be converted into fiat before being settled on Mastercard's network. Popular Web3 wallets will provide users access to the feature, and users can approve payments using their private keys.
Immersve's APIs and smart contracts can integrate with Web3 wallets and decentralised finance (DeFi) protocols to transact anywhere Mastercard is accepted. Jerome Faury, CEO at Immersve, expressed enthusiasm for crypto use cases highlighting the importance of partnering with a well-known and trusted brand like Mastercard in driving mainstream adoption of Web3 wallets.
In recent years, Mastercard has formed various partnerships to remain relevant in the crypto ecosystem, including a partnership with Binance, a crypto exchange, to launch a prepaid card in Latin America.
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