Mastercard targets Web3 and crypto cards
Mastercard, an international payment system, has been actively involved in the development of the cryptocurrency market in recent years. At the present time, the payment system is actively promoting its services among Web3 projects, as well as issuing cards to crypto exchanges.
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The partnership between the Web3 payment protocol Immersve and the international payment system Mastercard opens up new possibilities for users to make cryptocurrency payments in any environment: digital, physical, or even in the metaverse. The stablecoin USDC, which is pegged to the US dollar at a 1:1 ratio and issued by Circle, will be used for payments. During the payment process, the cryptocurrency is automatically converted to fiat and accepted by vendors throughout the Mastercard network.
Cooperation with Mastercard announced. Source: Immersve
Mastercard's partnership with Immersve has enabled the use of decentralized protocols for digital asset payments in offline and online retail locations that accept Mastercard. All of this can now be done in real-time. Cryptocurrency holders now have the ability to make direct payments from their Web3 wallets, without relying on intermediaries as they did before.
Immersve, on the other hand, now has the opportunity to collaborate with various payment providers and aggregators to allow its users to use USDC for any purchases.
Crypto payments can now be made through popular non-custodial Web3 wallets, with the transaction being approved using the owner's private key.
The benefits of crypto transactions with Immersve and Mastercard
The CEO of “Immersve”, Jerome Forey, pointed out:
The collaboration with a well-known and trusted brand like Mastercard is a big step towards mainstream adoption of web3 wallets
This cooperation enables any Web3 wallet and decentralized financial protocol to integrate with Immersve via API or smart contracts. This will enable them to conduct transactions at any retail location that accepts Mastercard.
Immersve is part of the Mastercard international payment system. It is an Issuing-as-a-Service (IaaS) platform that supports both centralized and decentralized payments and is a certified financial services provider.
Issuing crypto exchange cards
Mastercard is also considering the issuance of co-branded cards for cryptocurrency exchanges, which is an area where Mastercard has extensive experience through its collaborations with banks and financial companies. This shows Mastercard's interest in the digital asset industry.
Bit2Me, a cryptocurrency exchange, and Mastercard began issuing debit cards with cryptocurrency cashback in early February 2022. While the new cards don't differ much in functionality from Bit2Me's previous generation of crypto cards, they have one major difference – cardholders are eligible for cashback of up to 9% on their cryptocurrency payments.
Advert for the newly released Bit2Me card, which may be ordered via the app. Source: Bit2Мe
The merging of Web2 and Web3 payment instruments is gaining momentum, as the demand for debit crypto cards continues to grow, becoming increasingly mainstream.
This card was announced on 10 February, when a representative of Bit2Me, the largest Spanish cryptocurrency exchange, presented a sample of the latest Mastercard debit card with a cashback function.
Mastercard and Bit2Me cards are accepted without restrictions throughout the Mastercard network. Cashback will be earned for all purchases made with the card, both online and at point-of-sale terminals in stores or other retail locations.
Leif Ferreira, the CEO and co-founder of Bit2Me, believes that using well-established financial instruments of the Web2 era, such as debit and credit cards, will facilitate the wider adoption of digital assets for payments.
The goal is that any user from anywhere in the world has easy access to the limitless world of Web3 financial services. This is done at the touch of a finger
he explained.
The card can be used to make payments with eight different cryptocurrencies, including Bitcoin, and Bit2Me plans to add more digital assets throughout the year. Bit2Me provides its services to users in 69 countries worldwide, but residents of the European Economic Area (EEA) are limited to ordering virtual cards rather than physical ones.
Recently, Mastercard teamed up with the Binance cryptocurrency exchange to issue prepaid cards in Brazil. These cards allow Binance users to make transactions using 14 different cryptocurrencies, with automatic conversion to fiat in real-time. Cardholders also receive up to 8% cashback on purchases and zero commission for withdrawing funds at certain ATMs.
Binance advertising the new prepaid Mastercard. Source: Binance
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