JAKARTA - Mastercard, financial services giant, and web3 technology company Immersve collaborated to introduce new payment options using crypto assets.
This payment solution will allow consumers in New Zealand and Australia to make physical, digital, and metaverse purchases using digital currencies directly from their web3 wallets, with the support of traders partnering with Mastercard.
In this system, users still fully control their crypto assets because no third party is holding back their funds as collateral. Customers can continue to manage their assets until they make purchases.
Circle, the company that issued the USD Coin Stablecoin (USDC), will be used for all purchases. Crypto assets pegged in dollars will be converted into fiat currency and completed on the Mastercard network during transactions.
Immersve said they would rely on Mastercard identity services and CipherTrace solutions to handle Know Your Customer (KYC) and Anti-Money Laundering (AML), online fraud detection, and blockchain analysis.
Sandeep divided, Executive Vice President of Mastercard for Product & Innovation, Asia Pacific, stated that Mastercard remains committed to partnering with organizations with the same vision as Immersve in improving and securing the blockchain ecosystem. This is intended so that simple and secure digital currency transactions, as well as payments in cyberspace, can easily be accessed by billions of consumers.
Earlier, last year, the head of the Mastercard crypto and blockchain, Raj Dhamodharan, said the giant payment company was working to unlock the full potential of digital assets.
In January, Mastercard also partnered with crypto exchange Binance to launch a Binance Card in Brazil, which allows users to make purchases and pay bills using crypto.
The collaboration between Mastercard and Immersve shows that traditional financial companies are increasingly interested in blockchain technology and crypto assets. It also indicates that payments with crypto are increasingly recognized and considered a viable payment option for consumers.
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