With USDC settlements, Mastercard will support cryptocurrency transactions in Web3.
Due to a collaboration between Mastercard and Immersve, which uses decentralized protocols to settle bitcoin transactions, online retailers that accept Mastercard can now accept cryptocurrency payments in real-time.
Users will soon be able to use cryptocurrencies to conduct transactions in the real world, the Internet, and the Metaverse thanks to a partnership between Immersve, a Web3 payment protocol, and Mastercard, a payments goliath. To settle transactions on the Mastercard network, tokens backed by Circle’s USD Coin, a stablecoin tied to the US dollar, will be used.
Mastercard and Immersve agreement
The agreement between Mastercard and Immersve, which uses decentralized protocols, allows bitcoin transactions to be finalized instantaneously when making purchases at shops that accept Mastercard online. Consumers won’t need to provide any additional collateral to make rapid bitcoin payments utilizing their current Web3 wallets.
Instead, thanks to a collaboration with a third-party settlement provider, Immersve users will be able to conduct all transactions using USDC. The transaction will be settled in fiat currency after being converted from USDC by the Mastercard network following a successful authorization from the user’s end.
Users will be able to authenticate transactions using their private keys using the feature, which will be accessible via common Web3 wallets. Regarding crypto application scenarios, Immersve CEO Jerome Faury voiced optimism, saying:
“Collaborating with a well-known and trusted brand like Mastercard is a big step towards mainstream adoption of web3 wallets.”
Users can make purchases everywhere Mastercard is accepted thanks to Immersve’s APIs and smart contracts, which are also compatible with Web3 wallets and decentralized finance (DeFi) protocols.
To sustain its place in the bitcoin ecosystem, Mastercard has put a lot of time and attention into establishing partnerships over a long period. Prepaid cards have been launched in Latin America thanks to a partnership between Mastercard and cryptocurrency exchange Binance.
Olá, Brasil!
— Binance (@binance) January 30, 2023#Binance Card has just launched in Brazil – another step towards crypto adoption
pic.twitter.com/UJRmpMhpbQ
The card allows for rapid conversion between a total of 14 different tokens and Brazilian reals. The initial benefits included no fees on some ATM withdrawals and up to 8% cash back in cryptocurrency on eligible purchases.
Content Source: cointelegraph.com
Cover Image Source: blog.cryptoflies.com
