The Mastercard Immersve collaboration employs decentralized protocols to settle real-time bitcoin transactions on websites that accept Mastercard payments. Users can make crypto payments across digital, physical, and metaverse worlds thanks to a collaboration between Web3 payment protocol Immersve and payments behemoth Mastercard. After the user’s successful transaction, USD Coin tokens — a US dollar-backed stablecoin produced by Circle — are converted to currency and used to settle transactions on Mastercard’s network.
The Mastercard Immersve collaboration employs decentralized protocols to settle real-time bitcoin transactions on websites that accept Mastercard payments. Users can utilize their current Web3 wallets to make direct crypto payments without requiring collateral from a third party.
Instead, Immersve will collaborate with a third-party settlement service and allow its users to make all purchases in USDC.
What Can Users Do in Immersve
Users can access the service using popular Web3 wallets and utilize their private keys to authorize payments. Immersive CEO Jerome Faury expressed hope about cryptocurrency application cases, saying:
“Collaborating with a well-known and trusted brand like Mastercard is a big step towards mainstream adoption of Web3 wallets.”
Moreover, Web3 wallets and decentralized financial protocols may be integrated into Immersve’s APIs and smart contracts. To allow transactions to occur everywhere Mastercard is accepted.
Mastercard has developed various relationships throughout the years to remain relevant in the crypto environment. One such endeavor was Mastercard’s collaboration with cryptocurrency exchange Binance to develop a prepaid card in South America.
For 14 tokens in Brazil, the card enables real-time crypto-fiat conversions. At the time of debut, incentives offered up to 8% cash back in cryptocurrency on certain transactions and no fees on select ATM withdrawals.