Mastercard to allow crypto payments in Web3 via USDC settlements

The Mastercard-Immersve partnership uses decentralized protocols to settle real-time cryptocurrency transactions on outlets accepting Mastercard payments online.

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

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

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