MasterCard to accept crypto payments using USDC settlements in Web3

MasterCard to accept crypto payments using USDC settlements in Web3

written by John Murphy | February 23, 2023

With the MasterCard-Immersve partnership, the Mastercard payment outlets will use Decentralized protocols to settle real-time cryptocurrency transactions.

You all must be familiar with the payment giant Mastercard and also the web3 payment protocol. What you’re not aware of is how big of a breakthrough it will be if both of these platforms joined forces. 

This partnership will allow users to make crypto payments via USDC on digital, physical, and even metaverse worlds. This entire process will diminish the interference of a third party for collateral. 

Furthermore, you will be able to settle the payment on MasterCard’s network. Once the transaction is made in USDC — a stablecoin issued by Circle and backed by the United States —- it will be converted to fiat currency which will complete the transaction.

Thus, any cryptocurrency transaction made on MasterCard payment outlets will settle by the decentralized protocol used by the MasterCard-Immersve partnership. Moreover, the user will use USDC for all payments as Immersve will be working in conjunction with the third-party settlement provider to allow that. 

The feature for such payments will be available on the user’s Web3 wallets which will use their private keys for approval. CEO Immersve Jerome Faury is optimistic about this, as he stated:

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

Additionally, this partnership will also allow people to make transactions anywhere MasterCard is accepted by the integration of web3 wallet and decentralized finance protocols into Immersve’s API’s and smart contracts. 

You can find similar instances of partnerships from the past. MasterCard has fostered numerous partnerships before and one of them was with Binance – a crypto exchange. The purpose of this partnership was to launch a prepaid card in Latin America. The card allowed the conversion of 14 tokens available in brazil to fiat currency with perks included.