MasterCard Accepts Crypto Payments Using USDC Settlements in Web3

Key Points: Transactions on Mastercard networks will be settled using Circle’s USD Coin tokens. This stablecoin is backed by US Dollars.
Immersve will work with a third party settlement service to allow all transactions to be done using USDC.
Immersve can integrate Web3 wallets with decentralized finance (DeFi), protocols into its APIs and smart contract to transact anywhere Mastercard is accepted.
Thanks to a partnership between Web3 payment protocol Immersve, and payments giant Mastercard, users will be able make crypto payments across all three worlds. Transactions on the Mastercard network will be settled using Circle’s USD Coin tokens, a stablecoin backed by US dollars.Decentralized protocols are used by the Mastercard-Immersve cooperation to settle real-time bitcoin transactions at merchants who accept Mastercard payments online. When making direct cryptocurrency payments via their Web3 wallets, users won’t have to rely on third parties for collateral. Instead, Immersve will work with a third-party settlement company and allow all transactions to be made using USDC. After the transaction is complete, USDC will be converted into fiat and settled on the Mastercard network. Immersve CEO Jerome Faury expressed optimism about crypto use cases.
“Collaborating to a trusted brand like Mastercard will be a major step towards mainstream adoption web3 wallets.”
Mastercard has built a number of relationships to remain relevant in the cryptocurrency industry over many years. Mastercard and Binance, a cryptocurrency exchange, collaborated to create a prepaid card for Latin America. The card allows instant conversions between 14 tokens or fiat currency. At the time of the debut, benefits included 0% fees on some ATM withdrawals and up to 8% cash back in cryptocurrency on qualified purchases.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.Join us to keep track of news: coincu.comAnnieCoincu NewsTags: Crypto PaymentsMasterCardMastercard networkUSDCWeb3