Mastercard to Allow Cryptocurrency Payments in Web 3.0 Using USDC

Payments giant Mastercard has partnered with Immersive to allow users to make crypto payments in the digital, physical, and metaverse worlds.

Mastercard Inc has partnered with Web3 payment protocol, Immersive, to allow users to make cryptocurrency payments in the digital, physical, and metaverse worlds. The partnership between the firms uses decentralized protocols to settle real-time crypto transactions at outlets that accept Mastercard payments online. Cointelegraph reports that when a transaction is successful on the user’s end, USD Coin (USDC) tokens are converted to fiat and then used to settle transactions on Mastercard’s network.

Through decentralized protocols to settle real-time crypto transactions, users can use their existing Web3 wallets to make crypto payments directly, eliminating a third party for collateral. Instead of the user having to rely on third parties, Immersive will partner will a third-party settlement provider and allow its users to use USDC for purchases.

Jerome Faury, CEO of Immersive, shared his excitement toward crypto use cases, saying:

Collaborating with a well-known and trusted brand like Mastercard is a big step toward the mainstream adoption of Web3 wallets.

Mastercard Leads the Charge in the Crypto World

Out of all payment giants, Mastercard has genuinely been leading the charge in terms of embracing crypto and blockchain technology. Earlier this month, Mastercard announced it teamed up with crypto exchange Binance to launch a prepaid card in Brazil. The initiative is part of Binance’s goal to develop and increase relations between traditional finance and the crypto industry. Binance and Mastercard launched a similar initiative in August 2022 in Argentina. The partnership announced the launch of Binance Card, a prepaid reward card, to “bridge the gap between cryptocurrencies and everyday purchases.”

Mastercard also launched a program in October 2022 that allows mainstream banks to offer crypto trading to their customers. The payments giant serves as a middleman between banks and the crypto trading platform Paxos.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.