Users can now make cryptocurrency payments utilizing Mastercard’s network and USDC settlements thanks to a partnership between the Web3 payment protocol Immersve and the firm. Mastercard has been proactively looking for partnerships in the cryptocurrency ecosystem as the financial industry continues to move toward decentralization.
Crypto Payments Via USDC Settlements On The Mastercard
Payments may now be made in crypto in the digital, physical, and metaverse worlds due to a partnership between payment giant Mastercard and Web3 payment protocol Immersve. The collaboration makes use of decentralized protocols for real-time cryptocurrency exchanges on websites that accept Mastercard payments.
The new capability enables users to send direct cryptocurrency payments using their current Web3 wallets without requiring collateral from a third party. This action represents a big step toward the widespread acceptance of Web3 wallets.
To settle transactions on Mastercard’s network, the Mastercard-Immersve cooperation employs USD Coin (USDC), a stablecoin produced by Circle. Due to a partnership between Immersve and a third-party payment processor, users can now make all purchases using USDC.
A Safe Place For Cryptocurrency Transactions
Users may now make cryptocurrency payments through well-known Web3 wallets result of a partnership between Immersve and Mastercard. Thanks to this collaboration, users will be able to send secure, direct crypto payments without the need for third parties to provide collateral. Users can access the functionality via their private keys to approve payments, resulting in safe transactions.
The APIs and smart contracts of Immersve can also interact with Web3 wallets and decentralized finance protocols, enabling transactions anywhere Mastercard is accepted. Through integrating Web3 wallets and decentralized finance protocols into its APIs and smart contracts, Immersve’s partnership with Mastercard will enable users to use their current wallets to make direct payments, making it simpler and more convenient for them to transact with cryptocurrencies.
Strong Relationships With Mastercard In The Crypto Ecosystem
Prior to this, Unbanked and Mastercard collaborated to speed up the issuing of DeFi cards in Europe. Unbanked is a provider of white-label crypto card issuance and program management services for Web3 enterprises. The two firms are already established in the UK and Europe, and they have connections with leading Web3 companies to introduce card programs that emphasize payment industry innovation.
Mastercard recently teamed up with Binance, a major cryptocurrency exchange, to launch a prepaid card in South America. The action is a part of Mastercard’s efforts to remain relevant in the quickly expanding cryptocurrency ecosystem and provide customers with more payment options. It provides 14 tokens in Brazil with real-time crypto-fiat conversions. Users of the card can receive up to 8% cashback in cryptocurrency for qualifying transactions, and some ATM withdrawals are free of charge.
