The Mastercard-Immersve cooperation employs decentralized protocols to settle bitcoin transactions in real-time at online retailers that accept Mastercard payments.
Via a cooperation between Web3 payment protocol Immersve and payments titan Mastercard, users will be able to make crypto payments in digital, physical, and metaverse realms. After the user’s transaction is successful, USD Coin tokens, a stablecoin backed by the United States dollar and issued by Circle, will be converted to fiat currency and used to settle transactions on Mastercard’s network.
The Mastercard-Immersve cooperation employs decentralized protocols to settle bitcoin transactions in real-time at online retailers that accept Mastercard payments. Users will be able to make direct crypto payments using their current Web3 wallets without depending on a third party as collateral.
Instead, Immersve will collaborate with a third-party settlement service and let all purchases be made using USDC.
Users will be able to access the service using popular Web3 wallets and authorize payments using their private keys. Jerome Faury, CEO of Immersve, expressed confidence towards crypto application cases, stating:
“Working with a well-known and reputable brand like Mastercard is a significant step towards the widespread adoption of Web3 wallets.”
Additionally, Web3 wallets and decentralized financial protocols may interface with Immersve’s APIs and smart contracts to enable Mastercard transactions anywhere.
Mastercard has cultivated several collaborations over a number of years to maintain its relevance in the crypto industry. Mastercard partnered with the cryptocurrency exchange Binance to offer a prepaid card in South America.
In Brazil, the card enables real-time crypto-fiat conversions for 14 tokens. At the time of inception, benefits included up to 8% cash back in cryptocurrency on certain purchases and no fees for certain ATM withdrawals.
Also Read: Solana Spaces Will Cease Its New York And Miami Locations Seven Months After Their Launch
Wallets