Web 3.0 payment protocol, Immersve, joined hands with the leading payment network Mastercard to enable crypto payment in the virtual world, Metaverse. The major strategic partnership between centralized and decentralized networks will also focus on other digital and physical payments.
To make this amalgamation possible, the partnership will leverage USDC– a stablecoin issued by Circle. Every payment made in USDC will be converted into fiat currency in order to execute transactions on Mastercard’s network.
The partnership will use decentralized protocols to execute real-time cryptocurrency transactions on outlets accepting Mastercard payments online. The development will allow users to use their existing Web3 wallets to make direct crypto payments without the intervention of a third party for collateral.
Furthermore, users will have access to the feature via web 3.0 wallets and proceed with transactions through private keys.
Immersve CEO Jerome Faury stated that “Collaborating with a well-known and trusted brand like Mastercard is a big step towards mainstream adoption of Web3 wallets.”
Also Read: Mastercard & Paxos to bring Crypto Trading to Banks
Apart from this, the elements of digital space like web 3.0 wallets and DeFi protocols can integrate into Immersve’s APIs and smart contracts to transact anywhere Mastercard is accepted.
Mastercard is intensively embracing the crypto space to unlock new use cases. Over the years, Mastercard made strategic partnerships with various platforms such as Coinbase, Binance, Paxos, hi, and so on.
