Mastercard will let Web3 users pay with cryptocurrency through USDC settlements.
The partnership between Mastercard and Immerse uses decentralised protocols to settle cryptocurrency transactions in real time at online stores that accept Mastercard payments.
Through a partnership between the Web3 payment protocol Immersve and the big payments company Mastercard, users will be able to use cryptocurrencies to pay for things in the digital, real, and metaverse worlds. Once the user’s end of the transaction is successful, USD Coin (USDC) tickers down $1 tokens, which are backed by the US dollar and issued by Circle, which will be turned into fiat currency and used to settle transactions on Mastercard’s network.
The partnership between Mastercard and Immerse uses decentralised protocols to settle cryptocurrency transactions in real time at online stores that accept Mastercard payments. Users will be able to use their existing Web3 wallets to make direct crypto payments without using a third party as collateral.
Instead, Immersve will work with a third-party settlement provider to let users pay for everything with USDC.
Mastercard has made many partnerships over the past few years to stay relevant in the crypto ecosystem. Mastercard worked with the cryptocurrency exchange Binance to launch a prepaid card in Latin America. This was one of these kinds of projects.
The card lets people in Brazil exchange 14 tokens for real-time cash. At the time of the launch, the benefits included up to 8% cash back in crypto on eligible purchases and no fees on some ATM withdrawals.