Payments giant Mastercard has partnered with Immersve, a web3 payment protocol, to allow users to make cryptocurrency payments across both the digital and metaverse worlds. The partnership will use USDC tokens to facilitate transactions on Mastercard’s network. Immersve, a New Zealand-based web3 tech innovator, uses decentralized protocols to bridge web3 and web2 applications. The company will team up with Mastercard to address issues related to KYC/AML, online fraud detection, and blockchain analytics, leveraging the Mastercard Identity Services and CipherTrace solutions. Upon successful user transactions, the USDC token will be converted to fiat currency before settling on Mastercard’s network.
What is Immersve?
Immersve is a web 3 tech company that provides an issuing-as-a-service platform for both centralized and decentralized payment experiences. The platform supports integration with web3 wallets and DeFi protocols, allowing for transactions to be conducted anywhere that Mastercard® is accepted.
As a principal member of the Mastercard® network, Immersve has access to the global payment network and can offer its customers the benefits of the Mastercard® network, including access to a wide range of merchants and global acceptance. Immersve is also a registered Financial Services Provider, which means that it is regulated and authorized to provide financial services in the jurisdictions where it operates.
Overall, Immersve’s platform is designed to make it easy for exchanges and dApps to offer payment services to their customers, while also providing security and compliance with applicable regulations.
What is the Significance of Immersve Collaboration with Mastercard?
According to Jerome Faury, CEO at Immersve, collaborating with a well-known and trusted brand like Mastercard is a big step towards mainstream adoption of web3 wallets. This collaboration marks an important milestone in the evolution of web3 technology and its application in the mainstream world of payments. The use of decentralized protocols allows users to have complete control over their digital currencies, making it a more secure and efficient payment method.
Mastercard has been making strides in the blockchain world over the years and has entered into partnerships with several tech and payment platforms. The company has over 89 blockchain patents, and its partnership with Immersve is another example of its commitment to blockchain technology and its integration into the mainstream payment industry.
Addressing issues related to KYC/AML, online fraud detection, and blockchain analytics is a critical step in ensuring the widespread adoption of cryptocurrency and web3 wallets. The partnership between Mastercard and Immersve is a significant move in this direction and paves the way for more such collaborations in the future.
Conclusion
The partnership between Mastercard and Immersve is a significant milestone in the evolution of web3 technology and its integration into mainstream payments. The use of decentralized protocols allows users to have complete control over their digital currencies and makes cryptocurrency payments more secure and efficient. With Mastercard’s commitment to blockchain technology and Immersve’s expertise in web3 payment protocols, this collaboration has the potential to transform the payments industry and pave the way for a more secure and efficient payment system.
