Web3 payment protocol Immersve established a partnership with giant Card payment processor company MasterCard.
MasterCard is the second-largest payment-processing corporation worldwide. This company offers a range of financial services. Its headquarters are in Purchase, New York. Over the last few years, MasterCard has also engaged with some crypto companies to bring payments to crypto networks.
On 22 Feb 2023, MasterCard & Immersive announced their partnership to allow Web3 crypto wallet users to pay in cryptocurrencies directly for services & goods.
In the whole payment system, Immersve will allow crypto payment on the MasterCard-supported payment gateways. MasterCard will process the fiat transaction. Here Immersve will also tie up with a third-party platform to convert crypto to fiat so that MasterCard can easily get fiat payment for every crypto transaction.
Jerome Faury, the CEO at Immersve, said that such collaboration with giant payment platforms will bring a better push for the Cryoto Web3 wallet adoption.
Here this partnership will also bring an additional advantage for all those decentralised protocols which want to allow crypto & fiat payment via the use of API systems.
Over the last few years, MasterCard established many partnerships with crypto companies. Just three weeks ago, Binance Brazil established a partnership with Mastercard to issue MasterCard-powered & crypto-backed Binance cards.
As a part of the promotional strategy, Binance cards allow 0% ATM cash withdrawal and up to 8% cash back on some particular crypto assets spent via Binance card payments. Such a high level of collaboration between crypto companies & traditional payment processor companies is showing that Crypto innovations are playing an important role to fill the bridge between crypto & traditional financial systems.