Mastercard Introduces Mechanism Permitting Stablecoin Transactions Straight From Crypto Wallet
Mastercard and Immersve will provide a new alternative for paying for physical, digital, and metaverse buys using crypto assets via their cooperation.
Immersve claims the payment solution will allow users in New Zealand and Australia to pay for products and services using digital currencies straight from their web3 wallets at Mastercard-accepting retailers.
Since the method does not need a third party to hold users’ cash as collateral, users maintain full ownership over their crypto assets. Until they make a purchase, customers continue to manage their assets.
All transactions will utilize the stablecoin USD Coin (USDC) issued by Circle. During transactions, the dollar-pegged crypto asset will be converted to fiat cash and settled on Mastercard’s network.
Immersve has announced that it would use Mastercard’s identity services and CipherTrace technology to solve Know Your Customer (KYC) and Anti-Money Laundering (AML), online fraud detection, and blockchain analytics.
Mastercard’s executive vice president of Products & Innovation, Asia Pacific, Sandeep Malhotra, says: “To ensure that easy, secure cryptocurrency transactions, and even payments in the metaverse, are readily available to billions of customers, Mastercard is committed to cooperating with like-minded firms like Immersve to grow and protect the blockchain ecosystem.”
Mastercard’s head of crypto and blockchain, Raj Dhamodharan, said a year ago that the payments giant is trying to maximize the potential of digital assets. In January, the company collaborated with the cryptocurrency exchange Binance to create the Binance Card in Brazil, which enables customers to make purchases and pay bills using cryptocurrencies.
