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With the recovery of crypto prices in the crypto industry of 2023, it is likely that investors will start returning to the crypto world and that adoption will continue at full speed. This seems like a perfect timing for Mastercard’s new partnership with Immersive, a popular Web3 payment protocol.
@Mastercard partners with @Immersve to allow #crypto payments in #Web3 via $USDC#Mastercard has announced the partnership with Web3 payment protocol #Immersve to allow #cryptocurrency transactions on outlets accepting Mastercard payments online. pic.twitter.com/XPsunlnqeH
— Crypto News Whales (@news_whales) February 22, 2023
The partnership will allow users to make crypto payments in physical, digital, or even metaverse world, using USD Coin (USDC). After the user makes a transaction in USDC — the second-largest stablecoin of the crypto industry — the Circle-issued stablecoins would get converted into fiat currencies. After that, this money would be used for settling transactions on Mastercard’s network.
How does it work?
The partnership between Mastercard and Immersive relies on decentralized protocols for settling real-time crypto payments on online outlets that accept Mastercard payments. Meanwhile, crypto users will be able to use the existing Web3 wallets for making direct digital currency payments. There will be no need to rely on any kind of third party for collateral. At least not from the users’ perspective.
However, Immersive will team up with a third-party settlement provider, which will allow crypto users to make purchases using Circle’s USDC.
The new feature will be available on popular Web3 wallets, where users will be able to approve payments by using their private keys. Jerome Faury, the CEO of Immersive, commented on the move, strongly sharing the optimism toward possible use cases in the crypto sector. He said that “Collaborating with a well-known and trusted brand like Mastercard is a big step towards mainstream adoption of Web3 wallets.”
Furthermore, decentralized finance (DeFi) protocols and Web3 wallets can easily integrate into Immersive’s smart contracts and APIs. This would allow them to make transactions anywhere, as long as Mastercard is accepted.
Mastercard launched crypto cards in Brazil
For Mastercard, this is only the latest in a long list of partnerships with crypto companies that the card issuer has established over the past several years. The company recognized that the crypto industry is not a passing trend, and as such, it is not going away. In order to remain relevant in the current and, more importantly, future crypto ecosystem — it has been teaming up with the industry’s giants and innovative projects.
In one of its initiatives, Mastercard teamed up with Binance — the world’s largest crypto exchange by trading volume. Together, the two created a Binance crypto prepaid card meant for the Latin America. In fact, Binance tweeted on January 30th of this year that the card is already live in Brazil.
Olá, Brasil! #Binance Card has just launched in Brazil – another step towards crypto adoption pic.twitter.com/UJRmpMhpbQ
— Binance (@binance) January 30, 2023
The card lets users make real-time crypto-fiat conversions, and it allows crypto users from Brazil to use the service for 14 different tokens. At launch, the card also offered 8% cash back in digital assets on all eligible purchases, while withdrawing funds from it on ATMs came with zero fees.
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