Payments giant Mastercard is starting to ramp up its efforts in the web3 space by partnering with an altcoin project. Here are the details…
Mastercard’s altcoin partnership drew attention
The Mastercard-Immersve partnership uses decentralized protocols to process real-time cryptocurrency transactions at points of sale that accept online Mastercard payments. The partnership between Web3 payment protocol Immersve and payments giant Mastercard will allow users to make crypto payments in the digital, physical and Metaverse worlds. USD Coin, a US dollar-backed stablecoin issued by Circle, will be used to process transactions on Mastercard’s network.
The Mastercard-Immersve partnership uses decentralized protocols to process real-time cryptocurrency transactions at points of sale that accept online Mastercard payments. Users will be able to use their existing Web3 wallets to make direct crypto payments without relying on a third party for collateral.
Web3 wallets begin adoption
Instead, Immersve will partner with a third-party settlement provider and allow its users to use USDC for all purchases. Once the transaction is successful by the user, the USDC will be converted to fiat before it settles on Mastercard’s network. Users will be able to access this feature through popular Web3 wallets and use their private keys to confirm payments. In this context, Immersve CEO Jerome Faury shared his optimism for crypto use cases as follows:
Collaborating with a well-known and trusted brand like Mastercard is a big step towards mainstream adoption of web3 wallets.
Immersve is one of the main members of the Mastercard network. Mastercard has taken several steps into the crypto space, including a partnership with crypto exchange Binance for its Latin American prepaid cards. It plans to launch tools to prevent crypto-related scams. But all is not looking well for the payments giant’s employees. Earlier this month, Satvik Sethi, Mastercard’s NFT product lead, resigned from his position, citing emotional distress and other poor working conditions.
Mastercard has partnered with Binance
In addition, Web3 wallets and decentralized finance (DeFi) protocols can be integrated into Immersve’s APIs and smart contracts to transact wherever Mastercard is accepted. Mastercard has fostered numerous partnerships to stay relevant to the crypto ecosystem for several years.
One such initiative was Mastercard’s partnership with crypto exchange Binance to launch a prepaid card in Latin America, as we reported on Cryptokoin.com. The card allows real-time crypto-fiat conversions for 14 tokens in Brazil. At launch, benefits included items such as up to 8 percent cryptocurrency cashback on eligible purchases and zero fees on withdrawals from some ATMs.
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