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News

MasterCard Accept Crypto Payments Using USDC Settlements In Web3

February 22, 2023 - Around 2 mins mins to read

Key Points:

  • Transactions on the Mastercard network will be settled using Circle’s USD Coin tokens, a stablecoin backed by US dollars.
  • Immersve will collaborate with a third-party settlement service and permit all transactions to be made using USDC.
  • Web3 wallets and decentralized finance (DeFi) protocols can integrate into Immersve’s APIs and smart contracts to transact anywhere Mastercard is accepted.
Users will be able to make crypto payments across digital, physical, and Metaverse worlds thanks to a collaboration between Web3 payment protocol Immersve and payments behemoth Mastercard.

Transactions on the Mastercard network will be settled using Circle’s USD Coin tokens, a stablecoin backed by US dollars.

Decentralized protocols are used by the Mastercard-Immersve cooperation to settle real-time bitcoin transactions at merchants who accept Mastercard payments online. Users won’t need to rely on a third party for collateral when making direct cryptocurrency payments using their existing Web3 wallets.

Instead, Immersve will collaborate with a third-party settlement service and permit all transactions to be made using USDC. Once the user’s end of the transaction is completed, USDC will be converted to fiat before settling on the Mastercard network.

MasterCard Accept Crypto Payments Using USDC Settlements In Web3

Users will be able to access the feature through popular Web3 wallets and use their private keys to approve payments. In this regard, Jerome Faury, CEO at Immersve, shared optimism toward crypto use cases, stating:

“Collaborating with a well-known and trusted brand like Mastercard is a big step towards mainstream adoption of web3 wallets.”

Moreover, Web3 wallets and decentralized finance (DeFi) protocols can integrate into Immersve’s APIs and smart contracts to transact anywhere Mastercard is accepted.

To remain relevant in the cryptocurrency ecosystem over a number of years, Mastercard has cultivated several relationships. One such initiative involved Mastercard and the cryptocurrency exchange Binance teaming up to introduce a prepaid card in Latin America.

In Brazil, the card enables instant conversions between 14 tokens and fiat currency. At the time of the debut, benefits included 0% fees on some ATM withdrawals and up to 8% cash back in cryptocurrency on qualified purchases.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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Annie

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.