Mastercard is one of the biggest online payment and remittance service providers in the world. The firm has now decided to open the USDC payments option for its consumers using a decentralized protocol.
With the help of the DeFi payment protocol, Mastercard will enable real-time payments for cryptocurrency investors and settle their Web3 bills.
The association of Mastercard and Web3 may add another layer of legitimacy to the nascent technology. For the payments, the online digital payments giant has picked a stablecoin issued by Circle.
Web3 Payment Adoption
Mastercard users around the world would be able to benefit from the Web3 payment adoption. Anyone who already has a Web3 wallet can start making direct transactions through their immersive Mastercard without needing third-party service providers.
At the same time, there is no need to offer collateral. The Web3 payment protocol that offers these services is called immersive. This card can be used to make any payments where USDC is accepted.
When the users have made their payments in the form of USDC, Mastercard will convert it into fiat currencies for the merchants that are availing of the services.
Immersive CEO Jerome Faury has claimed that getting a chance to work with an internationally recognized brand like Mastercard is a wonderful opportunity. He further claimed that this is an important step towards driving Web3 wallets into mainstream usage.
The protocol has been designed in a manner that just about any Web3 wallet project and decentralized application can partner with the project at any point. Furthermore, the project can also work in association with smart contracts and APIs where other cryptocurrency transactions are acceptable.
This is the latest attempt of Mastercard to include cryptocurrency technology. In the past, the firm had partnered with Binance for prepaid cards launch in the Latin American region.