Immersve, a Web3 payment protocol, has partnered with Mastercard to enable crypto payments in digital, physical, and metaverse worlds.
After a successful transaction, the USD Coin tokens, which are backed by the US dollar and issued by Circle, will be turned into fiat and used to settle transactions on Mastercard's network.
The partnership between Immersve and Mastercard employs decentralised protocols to settle crypto transactions instantly at online outlets that accept Mastercard payments.
Users can use their Web3 wallets directly to make crypto payments without the need for third-party collateral. Instead, Immersve will collaborate with a settlement provider and enable its users to utilise USDC to pay for all their purchases.
The new feature will be accessible to users through popular Web3 wallets, and they can authorise payments using their private keys.
Jerome Faury, CEO of Immersve, expressed his positivity towards crypto use cases and the collaboration with Mastercard, saying that it's a significant step towards the widespread adoption of Web3 wallets. He also emphasised that working with a reputable and trustworthy brand like Mastercard is a major achievement.
In addition, Web3 wallets and decentralised finance protocols can be incorporated into Immersve's APIs and smart contracts to enable transactions at any outlet that accepts Mastercard.
Mastercard has formed several partnerships over the years to remain up-to-date in the crypto ecosystem.
One of these partnerships was with Binance, a crypto exchange, to introduce a prepaid card in Latin America. The card enables instant conversions between crypto and fiat for 14 tokens in Brazil. During its launch, the card offered benefits like up to 8 percent cashback in crypto for qualifying purchases and zero fees on certain ATM withdrawals.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash