Mastercard, a global leader in payment technology, has joined forces with Immersve, a web3 tech innovator, to enable consumers in Australia and New Zealand to make payments using cryptocurrency directly from their web3 digital wallets. This strategic partnership aims to provide users with a seamless and secure payment experience while leveraging the benefits of blockchain technology.
Immersve offers innovative solutions that empower users to have full control over their digital assets, eliminating the need for third-party interference. By leveraging Immersve’s technology, consumers can transact using digital cash for their online purchases at merchant outlets where Mastercard is accepted.
To facilitate these transactions, Immersve will collaborate with a third-party settlement provider, enabling customers to make payments through USDC (USD Coin), a stablecoin pegged to the US dollar. The payment will then be seamlessly converted into fiat currency and settled on Mastercard’s global network, ensuring a smooth transition from digital cash to traditional currency.
In addition to enabling frictionless payments, Immersve will leverage Mastercard’s Identity Services and CipherTrace offerings to address concerns related to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations, enhance blockchain analytics, and detect and prevent online fraud. By incorporating these robust security measures, both companies are committed to ensuring the safety and integrity of cryptocurrency transactions.
Sandeep Malhotra, Executive Vice President of Products and Innovation for Asia Pacific at Mastercard, highlighted the rapid growth of blockchain-based wallets and the increasing ubiquity of digital wallets. He stated, “As Web2 and Web3 increasingly converge, Mastercard remains committed to partnering with like-minded organizations like Immersve to scale and secure the blockchain ecosystem, making simple and safe cryptocurrency transactions accessible to billions of consumers.”
This collaboration between Mastercard and Immersve builds upon Mastercard’s dedication to providing enhanced payment options to consumers in various industries. Recently, Mastercard announced a partnership with Xsolla, a video game commerce firm, to offer gamers improved payment solutions. These initiatives demonstrate Mastercard’s commitment to embracing emerging technologies and meeting the evolving needs of its global customer base.
As the world continues to move towards a more digital and decentralized future, the integration of cryptocurrencies into everyday transactions is becoming increasingly prevalent. By combining Mastercard’s vast network and expertise in payment technology with Immersve’s web3 innovations, this partnership aims to accelerate the adoption of cryptocurrency payments, not only in Australia and New Zealand but also worldwide.
The collaboration between Mastercard and Immersve represents a significant milestone in the evolution of the payments industry. By harnessing the power of blockchain and web3 technology, consumers can enjoy secure, efficient, and borderless transactions while unlocking the potential of digital currencies.
As the adoption of cryptocurrencies and blockchain technology continues to grow, partnerships like this pave the way for a future where digital wallets and blockchain-based transactions become an integral part of our everyday lives. Through collaborations and innovations, Mastercard and Immersve are at the forefront of shaping the future of digital payments, making cryptocurrency transactions easily accessible to billions of consumers worldwide.
