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Mastercard enables crypto payments on Web3 via USDC settlement

by SuperiorInvest

The partnership between Web3 payment protocol Immersve and payment giant Mastercard will allow users to make crypto payments in the digital, physical and Metaverse worlds. USD coins (USDC) tokens — a US dollar-backed stablecoin issued by Circle — will be used to settle transactions on the Mastercard network.

The Mastercard-Immersve partnership uses decentralized protocols to settle cryptocurrency transactions in real-time at stores accepting Mastercard payments online. Users will be able to use their existing Web3 wallets to make direct crypto payments without relying on third-party collateral.

Instead, Immersve will work with a third-party settlement provider and allow its users to use USDC for all purchases. Once a transaction from the user’s end is successful, the USDC is converted to fiat before settling on the Mastercard network.

Immersve-Mastercard partnership for crypto payments in Metaverse. Source: immersve.com

Users will be able to access this feature through popular Web3 wallets and use their private keys to authorize payments. In this regard, Jerome Faury, CEO of Immersve, shared optimism about cryptocurrency use cases, stating:

“Partnering with a well-known and trusted brand like Mastercard is a big step towards the mainstream adoption of web wallets.”

In addition, Web3 wallets and decentralized finance (DeFi) protocols can be integrated into Immersve APIs and smart contracts for transactions anywhere Mastercard is accepted.

Related: Bit2Me and Mastercard launch debit card with crypto cashback

Over the years, Mastercard has fostered a number of partnerships to stay relevant in the crypto ecosystem. One such initiative was Mastercard’s partnership with the crypto exchange Binance the launch of a prepaid card in Latin America.

The card allows real-time crypto-fiat transfers for 14 tokens in Brazil. At launch, benefits included up to 8% cash back in cryptocurrencies on eligible purchases and zero fees on some ATM withdrawals.

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