Mastercard has teamed up with Web3 payment protocol Immersve to enable users to make crypto payments using its network and USDC settlements. As the world of finance continues to shift towards decentralization, Mastercard has been actively seeking partnerships in the crypto ecosystem.
Crypto Payments Using Mastercard’s Network Via USDC Settlements.
Payments giant Mastercard has partnered with Web3 payment protocol Immersve to enable users to make crypto payments in digital, physical, and the metaverse worlds. The partnership leverages decentralized protocols for real-time cryptocurrency transactions on outlets accepting Mastercard payments online.
The new feature allows users to make direct crypto payments using their existing Web3 wallets without relying on a third party for collateral. This move is a significant step towards the mainstream adoption of Web3 wallets.
The Mastercard-Immersve partnership uses USD Coin (USDC), a stablecoin issued by Circle, to settle transactions on Mastercard’s network. Immersve has partnered with a third-party settlement provider, enabling its users to use USDC for all purchases.
A Secure Haven For Cryptocurrency Payments
Immersve, a Web3 payment protocol, has partnered with Mastercard to allow users to make crypto payments through popular Web3 wallets. This partnership will allow users to make secure and direct crypto payments without relying on third-party collateral. Users can access the feature using their private keys to approve payments, ensuring secure transactions.
Additionally, Web3 wallets and decentralized finance protocols can integrate into Immersve’s APIs and smart contracts, making it possible to transact anywhere Mastercard is accepted. By integrating Web3 wallets and decentralized finance protocols into its APIs and smart contracts, Immersve’s partnership with Mastercard will make it easier and more convenient for users to transact with cryptocurrencies by enabling them to use their existing wallets to make direct payments.
Mastercard’s Strategic Partnerships In The Crypto Ecosystem
Unbanked, a white-label crypto card issuance and program management service provider for Web3 companies has previously partnered with Mastercard to accelerate DeFi card issuance in Europe. The two companies have already established a presence in the UK and Europe and have relationships with top Web3 organizations to launch card programs, focusing on payment space innovation.
Mastercard has formed a recent collaboration with a major cryptocurrency exchange, Binance, to introduce a prepaid card in Latin America. The move is part of Mastercard’s efforts to stay relevant in the fast-growing cryptocurrency ecosystem and offer more payment options to consumers. Which offers real-time crypto-fiat conversions for 14 tokens in Brazil. Eligible purchases made using the card can earn users up to 8% cashback in cryptocurrency, and some ATM withdrawals are free of charge.