Mastercard to allow crypto payments in Web3 via USDC settlements

[Hydrogen]

The Mastercard-Immersve partnership uses decentralized protocols to settle real-time cryptocurrency transactions on outlets accepting Mastercard payments online.

A partnership between Web3 payment protocol Immersve and payments giant Mastercard will allow users to make crypto payments on digital, physical and the Metaverse worlds. USDC tokens — a US dollar-backed stablecoin issued by Circle — will be used to settle transactions on Mastercard’s network.

The Mastercard-Immersve partnership uses decentralized protocols to settle real-time cryptocurrency transactions on outlets accepting Mastercard payments online. Users will be able to use their existing Web3 wallets to make direct crypto payments without relying on a third party for collateral.

Instead, Immersve will partner with a third-party settlement provider and allow its users to use USDC for all purchases. Once the transaction is successful from the user’s end, USDC will get converted to fiat before settling on Mastercard’s network.

Users will be able to access the feature through popular Web3 wallets and use their private keys to approve payments. In this regard, Jerome Faury, CEO at Immersve, shared optimism toward crypto use cases, stating:

“Collaborating with a well-known and trusted brand like Mastercard is a big step towards mainstream adoption of web3 wallets.”

Moreover, Web3 wallets and decentralized finance (DeFi) protocols can integrate into Immersve’s APIs and smart contracts to transact anywhere Mastercard is accepted.

Over several years, Mastercard has fostered numerous partnerships to stay relevant in the crypto ecosystem. One such initiative was Mastercard’s partnership with crypto exchange Binance to launch a prepaid card in Latin America.

The card allows real-time crypto-fiat conversions for 14 tokens in Brazil. At the time of the launch, perks included up to 8% cash back in crypto on eligible purchases and zero fees on some ATM withdrawals.


https://cointelegraph.com/news/mastercard-to-allow-crypto-payments-in-web3-via-usdc-settlements

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Interesting:

At the time of the launch, perks included up to 8% cash back in crypto on eligible purchases and zero fees on some ATM withdrawals.

Seems they have a decent lineup of perks to market the unveiling.

It appears mastercard is incorporating elements of crypto into its platform API.

The USDC stablecoin being issued by circle is an interesting point. Some of us might remember when circle first purchased poloniex crypto exchange back in 2018.

Web3 and DeFi brand name recognition are also in full display here as should be expected.

[adaseb]

It’s crazy how far we have come. At first crypto was banned by many credit cards. And now we got companies like MasterCard not only making crypto payments possible they want to make stablecoins get daily usage in the real world. This is proof that there is always positive development in crypto underway.

[Tytanowy Janusz]

hahah. How funny is that?

1- paxos is banned from mining new BUSD by NYDFS most likely because NYDFS thinks BUSD is a security (it doesn't matter it fails Howey Test).
2- circle (registered in the same jurisdiction, working on the same currency) is not banned and goes with new partnership with Mastercard.

We can see that some are more equal than others, and the US government began to slowly take over the market by supporting few and putting logs under the feet of the competitors.

[bettercrypto]

It seems that banks are starting to gradually accept virtual currencies such as bitcoin or cryptocurrency in their companies such as Mastercard.

      Whereas Unionbank used to be the only user-friendly cryptocurrency or bitcoin, now the wind has suddenly changed. Many banks don't like bitcoin or cryptocurrency, but since Mastercard has done this, it is likely that in the future other banks will follow the steps Mastercard has taken, this is just proof that they cannot stop the crypto or bitcoin industry in the market.

[Moneyprism]

i see this as a very good progress of crypto adoption in the present .. it's very interesting to see that a company as big as Mastercard is interested in being able to support stablecoins like USDC on their payments,, and it's possible -not ruled out- that VISA will also support stablecoin payments on their platform

[hugeblack]

1- paxos is banned from mining new BUSD by NYDFS most likely because NYDFS thinks BUSD is a security (it doesn't matter it fails Howey Test).
2- circle (registered in the same jurisdiction, working on the same currency) is not banned and goes with new partnership with Mastercard.

There is a huge difference between Binance and Coinbase, Coinbase is listed on the stock exchange, and I do not think that there is a possibility of price manipulation that may lead to its collapse just like FTX/LUNA, and therefore it is logical for MasterCard to choose this currency.
Also, the use of the currency to settle transactions, and therefore it is just a gateway linking the currency and digital wallets.


Are Web3 wallets becoming so popular? And pay for metaverse?

[vv181]

Mainstream web3 wallet adoption should come with a better user experience not just with appealing perks and features. When things like this are incorporated, user should take an extra measure to secure their wallet, I believe it will be hard for fraud prevention, in case some wallets get hacked. On another hand, since it is just a protocol, a custodial wallet might also be an option for users who doesn't care much about crypto true natures and want just to use it with pretty much centralized banking system conveniences.

Personally, I think it is pretty impressed that Mastercard is trying out to jump and build within the cryptocurrency ecosystem, although it is indirectly.

[The Cryptovator]

I'm not sure if we can benefit from that. because no reference of any jurisdiction has been made. Web3 indicates that it can be used everywhere. Nonetheless, there would be certain legal restrictions on Mastercard. Yet, they both use USDC, a stable coin issued by a US company. The US appears to be quite adaptable for its own businesses. But, it's still a good indication for the cryptocurrency industry. I hope We can utilize our cryptocurrency through Mastercard some day.