A collaboration between financial services giant Mastercard and web3 tech company Immersve is set to offer a new option for paying physical, digital and metaverse purchases using crypto assets.
Immersve says the payment solution will enable consumers in New Zealand and Australia to use digital currencies directly from their web3 wallets to pay for goods and services in merchants that support Mastercard.
Users retain complete 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.
Circle-issued stablecoin USD Coin (USDC) will be used for all purchases. The dollar-pegged crypto asset will be converted to fiat currency and settled on Mastercard’s network during transactions.
Immersve says it will lean on Mastercard’s identity services and CipherTrace solution to address Know Your Customer (KYC) and Anti-Money Laundering (AML), online fraud detection and blockchain analytics.
Says Sandeep Malhotra, Mastercard’s executive vice president of Products & Innovation, Asia Pacific,
“As Web2 and Web3 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.”
Last year, Mastercard’s head of crypto and blockchain Raj Dhamodharan said that the payments giant is working to unlock the full potential of digital assets. In January, the firm partnered with crypto exchange Binance to launch the Binance Card in Brazil, which allows users to make purchases and pay bills using crypto.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Featured Image: Shutterstock/Andy Chipus