Mastercard To Allow Crypto Payments In Web3 Via USDC

Due to a collaboration between Web3 payment protocol Immersve and payments giant Mastercard, users will be able to make crypto payments on digital, physical, and Metaverse worlds.

USD Coin (USDC) tokens — a US dollar-backed stablecoin issued by Circle — will be used to settle transactions on Mastercard’s network.

iexlusivenews reports that Mastercard-Immersve collaboration employs decentralized protocols to settle real-time cryptocurrency transactions on websites that accept Mastercard payments.

Users will be able to use their existing Web3 wallets to make direct crypto payments without requiring collateral from a third party.

Instead, Immersve will collaborate with a third-party settlement provider and permit all transactions to be made using USDC.

Once the user’s end of the transaction is successful, USDC will be converted to fiat before settling 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 regard, Jerome Faury, CEO at Immersve, shared optimism toward crypto use cases, stating:

“Collaborating with a well-known and trusted brand like Mastercard is a big step towards mainstream adoption of web3 wallets.”

Moreover, Web3 wallets and decentralized finance (DeFi) protocols can integrate into Immersve’s APIs and smart contracts to transact anywhere Mastercard is accepted.

To remain relevant in the cryptocurrency ecosystem over a number of years, Mastercard has fostered numerous partnerships.

One such initiative involved Mastercard and the cryptocurrency exchange Binance teaming up to introduce a prepaid card in Latin America.

In Brazil, the card enables instant conversions between 14 tokens and fiat currency. At the time of the launch, benefits included zero fees on some ATM withdrawals and up to 8% cash back in cryptocurrency on eligible purchases.