The collaboration between Mastercard and Immersve will resolve network transactions with the U.S. dollar-pegged stablecoin USD Coin (USDC). USDC will be exchanged into fiat currency, which can be utilized to resolve trades on Mastercard’s network, thereby facilitating seamless transactions. Immersve’s APIs and smart contracts will facilitate the integration of web3 wallets and decentralized financial protocols.
This collaboration represents a major landmark in the mass adoption of cryptos as a means of payment. Consumers can now make straightforward payments utilizing their prevailing Web3 accounts without requiring collateral from third parties.
According to Immersve CEO Jerome Faury, partnering with an established and reputable brand such as Mastercard is a significant step towards the widespread acceptance of Web3 wallets.
This advancement is anticipated to increase the acceptance and use of cryptocurrencies in the wider market, as the partnership creates new utilization possibilities.
As more businesses adopt digital assets, it becomes evident that the era of payments will be digital, decentralized, and supported by blockchain technology. New Zealand-based web3 technology innovator Immersve is headquartered in the country. It aims to bridge the divide between web3 and web2 applications through the use of decentralized protocols, such as smart contracts.
Great and accurate thread from someone who knows their stuff! https://t.co/wg9dsT83RY
— immersve (@immersve) February 23, 2023
As per the information supplied on its website, Immersve is a significant Mastercard network participant. When utilizing its service platform, it is feasible to choose between a centralized or decentralized payment system. Exchanges and decentralized applications (dApps), including web3 wallets and DeFi networks, can interact effectively with Immersve’s application programming interfaces (APIs), enabling them to conduct business anywhere that takes Mastercard.
Mastercard has taken measures to incorporate cryptocurrency into its payment services in light of the growing need for cryptocurrency as a means of payment. Lately, the company formed a partnership with Binance, the biggest cryptocurrency exchange in the market, to introduce a prepaid card in Brazil.
Mastercard has also revealed a web3 incubator in partnership with Polygon to aid emerging artists in engaging with their fans and furthering their careers by utilizing web3 tools and blockchain technology. By enabling consumers to send direct cryptocurrency payments via USDC transactions, the tie-up makes the use of digital currencies for daily transactions easier and readily available. As the finance industry remains to acclimatize to technological advances and progress, we can anticipate additional improvements in this field.