{"id":133604,"date":"2023-02-22T08:21:47","date_gmt":"2023-02-22T08:21:47","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=133604"},"modified":"2023-02-22T10:50:21","modified_gmt":"2023-02-22T10:50:21","slug":"mastercard-to-allow-web3-payments-with-usdc","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/mastercard-to-allow-web3-payments-with-usdc\/","title":{"rendered":"Mastercard to Allow Web3 Payments with USDC"},"content":{"rendered":"

Mastercard<\/strong>, one of the<\/span> biggest financial payments providers in the world, has entered into a partnership with Immersve<\/strong>, a Web3<\/strong><\/a> payment protocol, allowing its users to make crypto payments both across the digital and Metaverse worlds. \u00a0In order to facilitate transactions on Mastercard\u2019s network, USD Coin (USDC) will be used.<\/strong><\/p>\n

Mastercard is foraying into the burgeoning world of Web3 with full steam. The payments giant has initiated several efforts to increase its presence in the digital world. Recently, at the\u00a0Consumer Electronics Show (CES), a high profile tech show, Mastercard, revealed the company has collaborated with Polygon, a scaling blockchain built on top of Ethereum, to launch a Web3 focused incubator to help artists connect with their fans.<\/strong><\/p>\n

\"mastercard\"<\/p>\n

A New Partnership<\/h2>\n

In the latest string of partnerships, Mastercard has teamed up with New Zealand based Web3 innovator, Immersive, enabling Web3 users to use decentralized protocols to settle real-time cryptocurrency transactions.<\/strong> This means, it will not require a user\u2019s digital assets to be held as collateral by a third party, giving users complete control of their digital currency. Users will be able to use their existing Web3 wallets to make direct crypto payments<\/strong> without relying on a third party for collateral.<\/p>\n

Instead, Immersve will partner with a third-party settlement provider and allow its users to use USDC for all purchases. In addition, Web3 wallets and\u00a0decentralized finance protocols\u00a0can integrate into Immersve\u2019s APIs and smart contracts to transact anywhere Mastercard is accepted.<\/p>\n

As per the official website<\/a>,<\/strong> Immersive has collaborated with Mastercard to address issues related to KYC\/AML, online fraud detection as well as blockchain analytics. The Immersive platform would also leverage the Mastercard Identity Services<\/strong> and CipherTrace solutions to help users resolve any potential issues. Jerome Faury, CEO at Immersve said,<\/p>\n

“Collaborating with a well-known and trusted brand like Mastercard is a big step towards mainstream adoption of web3 wallets.”<\/em><\/p>\n

Mastercard Strengthens Web3 Commitments<\/h2>\n

In 2022, the financial juggernaut joined forces with a number of crypto-focused companies to take up a commanding pistion in the world of digital assets. From launching a crypto program to make it easier for different financial institutions to offer crypto trading to their clients to unveiling a new crypto related solution to help banks prevent fraud, Mastercard is solidifying its position as one of the leading players in the crypto world. <\/strong>In a statement, <\/strong>Raja Rajamannar, chief marketing and communications officer at Mastercard, said,<\/p>\n

“This past year was big for us, with experimental web3 activations around the world.”<\/em><\/p>\n

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\u26a1\ufe0fGame changer!\u26a1\ufe0f<\/p>\n

We're excited to announce our new partnership with @Mastercard<\/a>. Stay tuned as we work to unlock a new way to purchase NFTs using Mastercard cards.<\/p>\n

Learn more\ud83d\udc47https:\/\/t.co\/3Yazzbz0ws<\/a><\/p>\n

— Coinbase (@coinbase) January 18, 2022<\/a><\/p><\/blockquote>\n