Mastercard has teamed up with Web3 outfit Immersve to let people in Australia and New Zealand use cryptocurrency directly from their Web3 wallet to make digital, physical and metaverse purchases wherever Mastercard is accepted.
Users will click on the Immersve button from their Web3 wallet to access the functionality and sign transactions with their private key to approve them.
Then, thanks to an Immersve partnership with a third-party settlement provider, the USDC stablecoin will be converted to fiat currency and settled on Mastercard’s network.
Immersve is also tapping Mastercard Identity Services and CipherTrace technology to address KYC/AML, online fraud detection and blockchain analytics.
Jerome Faury, CEO, Immersve, says: "Immersve is literally building bridges that make it possible for individuals to transact directly from their crypto wallet, anywhere Mastercard is accepted online.
"We want to bring the best of web3’s technology and values, to everyday payment experiences. But we also want to provide traditional guardrails, like the Mastercard network’s consumer protections, to crypto natives transacting online."