Mastercard partnered Web3 payment protocol Immersve to enable users to conduct Web3 crypto payments via USDC token settlements
The partnership between Mastercard and Web3 payment protocol Immersve will enable users to conduct crypto payments using USD Coin tokens. The transaction mechanism will be as follows: the transaction is completed in crypto on the user’s end, then USDC stablecoin tokens are converted to fiat and used to settle transactions on Mastercard’s network.
Immersve is a member of the Mastercard network. Its issuing-as-a-service platform supports both centralized and decentralized payment experiences.
The transactions will be settled in real-time. To do that, Mastercard and Immersve rely on a series of decentralised protocols. As for the users, they can make direct crypto payments through their existing Web3 wallets, using their private keys to approve payments. There’s no need for them to rely on the collateral of a third party, as Immersve will partner with a third-party settlement provider, instead, to allow its customers to use USDC for all purchases.
Furthermore, Web3 wallets and decentralized finance protocols can integrate into Immersve’s APIs and smart contracts in order to enable transactions at all locations where Mastercard is accepted.
Mastercard has previously introduced a few other crypto-related partnerships. These include collaboration with Unbanked on crypto card issuance in Europe, partnership with Binance to launch prepaid crypto card in Brazil, and self-custody exchange Edge that launched Mastercard card allowing its users to freely make payments with cryptocurrencies such as BTC, Dogecoin, Litecoin, etc.