A partnership between financial services giant Mastercard and web3 technology company Immersve is set to offer a new option to pay for physical, digital and transmodal purchases using crypto assets.
Immersve says the payment solution will allow consumers in New Zealand and Australia to use digital currencies directly from their web3 wallets to pay for goods and services at Mastercard-supported merchants.
Users retain full control of their crypto assets because the system does not require a third party to hold their funds as collateral. Customers continue to manage their assets until they make a purchase.
USD (USDC) stablecoins that have been issued in a cycle will be used for all purchases. The crypto asset tied to the dollar will be converted to fiat currency and settled on Mastercard’s network during transactions.
Immersve says it will rely on Mastercard’s identity services and CipherTrace solution to address Know Your Customer (KYC) and Anti-Money Laundering (AML), online fraud detection and blockchain analysis.
Says Sandeep Malhotra, Executive Vice President of Product & Innovation, Mastercard, Asia Pacific,
“As Web2 and Web3 increasingly converge, Mastercard remains committed to working with organizations like Immersve to scale and secure the blockchain ecosystem to make simple, secure cryptocurrency transactions, and even payments in the metaverse, easily accessible to billions consumers”.
Last year, Mastercard’s head of crypto and blockchain, Raj Dhamodharan, said the payments giant was working to fully unlock the potential of digital assets. In January, the company partnered with crypto exchange Binance to launch the Binance Card in Brazil, which allows users to make purchases and pay bills using crypto.
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