Mastercard Expands Payment Options to Include USDC Settlements for Web3 Transactions

In recent news, Web3 payment protocol Immersve has partnered with payments giant Mastercard to offer users the ability to make crypto payments in digital, physical, and metaverse worlds.

This partnership allows for the real-time settlement of cryptocurrency transactions through decentralized protocols.

Once a user initiates a transaction using their existing Web3 wallet, USD Coin tokens (USDC), a stablecoin backed by the US dollar issued by Circle, will be converted to fiat and used to settle the transaction on Mastercard’s network.

This integration enables users to make direct crypto payments without relying on a third party for collateral. Immersve will partner with a third-party settlement provider to allow users to use USDC for all purchases.

This feature can be accessed through popular Web3 wallets, and users can use their private keys to approve payments.

Immersve CEO Jerome Faury has expressed optimism about the collaboration, noting that “collaborating with a well-known and trusted brand like Mastercard is a big step towards mainstream adoption of Web3 wallets.”

Web3 wallets and decentralized finance protocols can integrate with Immersve’s APIs and smart contracts to transact anywhere Mastercard is accepted.

Mastercard has made several moves to stay relevant in the crypto ecosystem, such as partnering with crypto exchange Binance to launch a prepaid card in Latin America.

The Mastercard-Immersve partnership aims to offer a streamlined and convenient payment experience for users in the ever-expanding world of Web3.

This partnership marks another significant step towards the mainstream adoption of crypto payments, bridging the gap between traditional payment methods and the emerging world of cryptocurrency.