Web3 technology innovator, Immersve has partnered with Mastercard to give consumers the ability to use cryptocurrency directly from their web3 wallet to make digital, physical or even metaverse purchases, wherever Mastercard is accepted across Australia. In a world first, Immersve’s solution does not require a user’s digital assets to be held as collateral by a third party, which means users will remain in complete control of their digital currency.
What does the partnership mean for crypto users?
Immersve uses decentralised protocols like smart contracts, to bridge web3 and web2 apps. Thus, users retain control over their funds until they wish to purchase goods, as well as the convenience using their digital cash at any merchant that accepts Mastercard online.
Immersve will partner with a third-party settlement provider and their clients will use USDC for purchases. USDC will then be converted to fiat currency and settled on Mastercard’s network. Immersve will partner with Mastercard to address KYC/AML, fraud detection and blockchain analytics, leveraging the Mastercard Identity Services and CipherTrace solutions.
Users can click on the Immersve button from any digital wallet to access the functionality and have the ability to spend by signing the transaction with their private key to approve it.
What does this mean for Immersve and Mastercard?
Sandeep Malhotra, Executive Vice President, Products & Innovation in Asia Pacific, said: “In the past three years, the number of people using blockchain-based wallets doubled to over 80 million. Digital wallets are likely to become as ubiquitous as email addresses.”
“As Web2 and Web3 tech increasingly converge, Mastercard remains committed to partnering with like-minded organizations like Immersve to scale and secure the blockchain ecosystem to make simple, safe cryptocurrency transactions, and even payments in the metaverse, easily accessible to billions of consumers,” Sandeep Malhotra further said.
“Collaborating with a well-known and trusted brand like Mastercard is a big step towards mainstream adoption of web3 wallets. We love the fact that our platform supports both centralised crypto payments and decentralised experiences, to enable individuals to become the master of their money,” commented Jerome Faury, CEO at Immersve.
“Immersve is building bridges that make it possible for individuals to transact directly from their crypto wallet, anywhere Mastercard is accepted online. We want to bring the best of web3’s tech, to everyday payment experiences. But we also want to provide guardrails, like the Mastercard network’s consumer protections, to crypto natives transacting online.”
For more information and early access, visit the website.
