Mastercard is making moves in the world of cryptocurrency payments by partnering with Web3 payment protocol Immersve, Binance confirms. This partnership will enable users to pay in cryptocurrency on digital, physical, and even metaverse worlds. Using USDC tokens issued by Circle, a stablecoin backed by the United States dollar, the transactions will be settled in real-time on Mastercard's network using fiat currencies.
Immersive has partnered with a third-party settlement provider to enable users to make direct crypto payments without the need for collateral. Using popular Web3 wallets, users can approve payments using their private keys.
Immersve will partner with a third-party settlement provider to enable users to use USDC for all purchases. This partnership marks a significant step towards the mainstream adoption of Web3 wallets and decentralized finance protocols.
Immersve's APIs and smart contracts incorporate Web3 wallets and decentralized finance protocols so that transactions can be conducted anywhere Mastercard is accepted. This development is part of Mastercard's ongoing efforts to stay relevant in the crypto ecosystem, which includes partnerships with other companies like Binance to launch prepaid cards in Latin America.
As of launch, perks included up to 8% cash back in cryptocurrency on eligible purchases and no ATM withdrawal fees on some tokens. The card provides real-time crypto-fiat conversions for 14 tokens in Brazil.
Overall, this partnership between Mastercard and Immersve represents a major milestone in the adoption of cryptocurrencies and decentralized finance. With the continued growth of the crypto market and increasing mainstream acceptance, it is likely that more major players in the payments industry will follow Mastercard's lead and embrace crypto payments in Web3.