Mastercard has been making significant strides in the adoption of cryptocurrency and blockchain technology, and its latest partnership with Web3 payment protocol, Immersive, is no exception.
The payments company has partnered with Immersive to allow for direct, crypto-enabled purchases in both virtual and real worlds using USD Coin (USDC) tokens.
The partnership leverages decentralized protocols to facilitate real-time crypto transactions at outlets that accept Mastercard payments online. When a transaction is successful on the user’s end, USDC tokens are converted to fiat and then used to settle transactions on Mastercard’s network.
Users can now use their existing Web3 wallets to make crypto payments directly without the need for a third-party intermediary for collateral. Instead of having to rely on third parties, Immersive will partner with a third-party settlement provider and allow its users to use USDC for purchases.
Jerome Faury, CEO of Immersive, expressed his enthusiasm for the mainstream adoption of Web3 wallets, stating that collaborating with a trusted and well-known brand like Mastercard is a significant step toward realizing this goal.
Mastercard has been at the forefront of the crypto world, having announced partnerships with Binance and launched a program that allows mainstream banks to offer crypto trading to their customers. The payments giant is making strides in developing and increasing relations between traditional finance and the crypto industry.
With this latest partnership, Mastercard is further cementing its position as a leader in the adoption of blockchain and crypto technology. As more companies embrace cryptocurrency and augmented reality advances, it will be interesting to see how Mastercard adapts its products—and whether other credit card companies follow suit.
The use of USDC tokens to facilitate crypto transactions also brings more stability to the payment process, as USDC is a stablecoin that is pegged to the US dollar, reducing the risk of volatility associated with other cryptocurrencies.
The collaboration with Immersive is part of Mastercard’s long-term strategy to stay at the forefront of financial innovation and meet the needs of its customers in a rapidly evolving digital world. By embracing blockchain and cryptocurrency, Mastercard is positioning itself as a key player in the future of finance, as more people look for alternative payment options that are fast, secure, and reliable.
As the use of cryptocurrency continues to gain momentum, we can expect to see more exciting innovations from Mastercard and its partners in the future.