Crypto can now be accepted for online purchases wherever Mastercard is accepted — at least for users in Australia and New Zealand. Web3 tech innovator Immersve has partnered with Mastercard to enable consumers in the two countries to spend crypto using the Mastercard network.
Users will click on the Immersve button from their web3 wallet to access the functionality and sign the transaction with their private key to approve it, the company said in the release.
The tech company uses decentralized protocols to enable the transactions, which means users remain in control of their digital assets. It will use a third-party settlement provider, and customers will use USDC for all purchases — which will then be converted to fiat and settled on the Mastercard network.
"Looking ahead, digital wallets are likely to become as ubiquitous as email addresses," said Sandeep Malhotra, executive vice president of products and innovation in Asia Pacific for Mastercard, in the release. "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.”
Immersve is a principal member of the Mastercard network. Mastercard has made several moves into the crypto space, including a partnership with crypto exchange Binance for its prepaid cards in Latin America. It plans to launch tools to prevent crypto-related fraud.
Earlier this month, Mastercard's NFT product lead, Satvik Sethi, resigned from his position — citing harassment, emotional distress and other poor working conditions.
Correction: Updated to reflect that Mastercard has made several moves into the crypto space.
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