This article has been reposted with permission from CoinCu
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Transactions on the Mastercard network will be designed to use Circle's USD Coin token, a USD-backed stablecoin.
Immersve will partner with third-party payment services and allow all transactions to be made in USDC.
Web3 wallets and decentralized finance (DeFi) protocols can be integrated into Immersve APIs and smart contracts to transact anywhere Mastercard is accepted.
Users will be able to pay with cryptocurrency across the physical, digital, and Metaverse worlds thanks to a partnership between Web3 payment protocol Immersve and renowned payments company Mastercard.
Transactions on the Mastercard network will be designed to use Circle's USD Coin token, a USD-backed stablecoin.
Decentralized protocols will be adopted by the Mastercard-Immersve combination to enable real-time bitcoin transactions at businesses that accept Mastercard payments online. Users will no longer need to rely on a third party as collateral when paying directly with cryptocurrency with their existing Web3 wallet.
Instead, Immersve will partner with a third-party payment service and allow all transactions to be made in USDC. Once the user's transaction is complete, USDC will be converted into fiat currency before being paid out on the Mastercard network.
Users will be able to use this feature through Web3 wallets and use their private keys to accept payments. In this regard, Jerome Faury, CEO at Immersve, shared his optimism towards cryptocurrencies as follows:
“Partnering with a well-known and trusted brand like Mastercard is a big step towards more widespread adoption of web3 wallets.”
Furthermore, Web3 wallets and decentralized finance (DeFi) protocols can integrate into Immersve's API and smart contracts to transact anywhere Mastercard is accepted.
Over the years, Mastercard has built a number of relationships to stay connected to the cryptocurrency ecosystem. A similar plan involves Mastercard and cryptocurrency exchange Binance teaming up to launch prepaid cards in Latin America.
Olá, Brazil!#BinanceCard just launched in Brazil – another step towards cryptocurrency adoption
— Binance (@binance) January 30, 2023
In Brazil, this card allows instant conversion between 14 tokens and fiat money. At launch, promotional offers include 0% fees on select ATM withdrawals, and up to 8% cash back in crypto on qualifying purchases.
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