Mastercard to Allow Crypto Payments in Web3 via USDC
The partnership will utilize U.S. dollar-backed stablecoin USD Coin, which will be converted to fiat and used to settle transactions on Mastercard’s network.
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- Mastercard has partnered with Immersve to enable crypto payments in Web3 through USDC settlements, allowing users to make crypto payments on digital, physical, and metaverse realms.
- The partnership will utilize U.S. dollar-backed stablecoin USD Coin, which will be converted to fiat and used to settle transactions on Mastercard’s network, and Immersve’s APIs and smart contracts will allow web3 wallets and decentralized finance protocols’ integration.
- Immersve users will use their existing Web3 wallets to make direct crypto payments without relying on third parties for collateral. Mastercard also recently partnered with Binance to launch a prepaid card in Brazil that features a real-time conversion from 14 crypto assets to fiat at the point of sale.
To allow crypto payments in Web3 throughUSDC settlements, financial payments provider Mastercard forged a partnership with Web3 payment protocol Immersve.
The collaboration will allow users to make crypto payments on digital, physical and the metaverse realms while utilizing U.S. dollar-backed stablecoin USD Coin — which will be converted to fiat and be used to settle transactions on Mastercard’s network.
In addition, in online transactions, they will utilize decentralized protocols to settle real-time crypto transactions on outlets accepting Mastercard payments. And instead of relying on a third party for collateral, Immersve will collaborate with a third-party settlement provider and allow its users to use their existing Web3 wallets to make direct crypto payments.
“Collaborating with a well-known and trusted brand like Mastercard is a big step towards mainstream adoption of Web3 wallets,” Immersve CEO Jerome Faury expressed.
Aside from direct crypto payments, Immersve’s APIs and smart contracts will also allow the integration of web3 wallets and decentralized finance protocols which will allow users to transact anywhere Mastercard is accepted.
Recently, Mastercard also had a partnership with global crypto exchange Binance to launch a prepaid card in Brazil. The Binance integration with Mastercard features a real-time conversion from 14 crypto assets to fiat at the point of sale.
Four months ago, Mastercard Philippines expressed that they are open to allowing cryptocurrency transactions on its platform if it will be approved by local regulators. The firm even noted that crypto and other digital assets “can no longer be dismissed as a passing phase.” (Read more: Mastercard PH to Open Doors for Crypto Once Regulated)
Recently, in partnership with Polygon, Mastercard launched a web3 incubator to help emerging artists connect with fans and advance their careers through the use of web3 tools and blockchain technology. (Read more: Mastercard Partners with Polygon to Launch Web3 Incubator for Artists)
This article is published on BitPinas: Mastercard to Allow Crypto Payments in Web3 via USDC
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.
