The partnership between the two entities will enable users to conduct crypto payments by leveraging USD Coin tokens. To be specific, once a transaction is completed on the user’s end, USD Coin tokens are converted to fiat and used to settle transactions on Mastercard’s network. USD Coin (USDC) is a Circle-issued stablecoin backed by the US dollar.
In order to settle these real-time cryptocurrency transactions, Mastercard and Immersve rely on a series of decentralised protocols. The collaboration will help users to make direct crypto payments through their existing Web3 wallets without having to rely on the collateral of a third party, as Immersve will partner with a third-party settlement provider and allow its customers to use USDC for all purchases.
Clients will be able to access the new system via their Web3 wallets and use their private keys to approve payments. Furthermore, Web3 wallets and decentralized finance protocols can integrate into Immersve’s APIs and smart contracts in order to enable transactions anywhere Mastercard is accepted.
In January 2023, Mastercard has partnered Binance to launch a new prepaid cryptocurrency card in Brazil in order to improve crypto adoption in Latin America. The new Binance Card enabled Brazil’s citizens to make purchases using crypto while benefiting from a real-time conversion system from 14 crypto assets to fiat at the point of sale.
The card is being issued by a payment institution regulated by Banco Central do Brasil named Dock, and it allows new and existing Binance users in Brazil with valid national IDs to pay bills and make purchases using cryptocurrency.
In February 2023, financial services provider Unbanked has partnered with Mastercard to help speed up DeFi card issuance and crypto card adoption in Europe.
The two entities have already worked together to establish a presence in the United Kingdom and Europe. They partnered with various Web3 organisations in order to launch card programs designed to innovate the payments space. Through this new initiative, Unbanked and Mastercard show their support for the issuance of cryptocurrency-powered card programs focused on security, simplicity, and consumer protection.
The Unbanked API can help set up white-label card issuance programmes, crypto wallets, and bank accounts, and connect them to a mobile or web interface. In addition, the platform comprises full compliance and validation systems that allow companies to secure their users and payments systems.
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