Mastercard Collaborates with Immersve to Enable Crypto Payments

Mastercard made a deal with Immersve.
USDC tokens will be used for transactions.

Mastercard, the payment giant, recently collaborated with Immersve, a Web3 payment protocol, to make crypto payments on digital and metaverse platforms. Now, users will be allowed to use USDC to make transactions on Mastercard. Also, customers can use their private keys to accept payments.

According to Immersve’s website, the company is a significant participant in the Mastercard network. With the help of Immersve’s APIs and smart contracts, exchanges and dApps may integrate and conduct transactions anywhere Mastercard is accepted. CEO Jerome Faury Immersve, “Collaborating with a well-known and trusted brand like Mastercard is a big step towards mainstream adoption of Web3 wallets.”

Earlier in January, Mastercard launched Mastercard Artist Accelerator program to connect select artists around the world with popular mentors as they create and learn music in Web3. Polygon Studios CEO Ryan Wyatt said “Web3 has the potential to empower a new type of artist that can grow a fanbase, make a living, and connect on their own terms.”

Since 2014, Mastercard has been engaging with more than 250 startups across 40 countries to make the Start Path program successful. Currently, these startups are ruling the SME sectors digitally with other key partners. Earlier, Mastercard picked the 7 best startups to create communities for developers and empower digital users via Web3 technologies.

The award-winning startup engagement program Start Path will provide services for investors interested in developing the SME sector towards digital levels like data insights, digital transactions, e-commerce solutions, and digital banking. It will help to fill the gap between Web2 and Web3 technologies to meet consumer needs for crypto assets.

In 2022, Mastercard came up with an innovative step to expand NFTs on its platform. Mastercard partnered with the fiat financial app Hi to launch debit cards with NFT profile customization. Eligible cardholders can customize the profile of their debit cards by using their preferred NFTs. Mastercard also allows gold users to add popular NFTs to customize their profiles, like CryptoPunks, Moonbirds, Goblins, and Azukis.

According to Tether, it is ahead of leading traditional payment platforms like Mastercard and Visa, with $18.2 trillion in transactions in 2022. Visa and Mastercard with $7.7 trillion and $14.1 trillion worth of transactions, respectively. According to a recent sky.com report, another multi-billion pound UK lawsuit against Mastercard and Visa is set to face due to Multilateral Interchange Fees (MIFs).