Mastercard will introduce cryptocurrency payments in DeFi services and metacities
Payments in USDC stablecoins will be possible not only in the Web3-space but also in real merchant services that accept online cards issued by Mastercard
Mastercard Payment System and its Web3 protocol Immersve will allow users to make cryptocurrency payments in physical and digital worlds, including decentralized services and metacities, Cointelegraph reports. Settlements will take place in USD Coin Stablecoins (USDC), which are converted to fiat currency for the transaction in Mastercard's system.
Transfers will be possible not only in the Web3 space but also in real merchant services that accept online cards issued by Mastercard. Real-time payments will be made after confirming the transaction with private keys.
Payments will be made without third-party mediation. Mastercard and Immersive will use decentralized protocols for settlements, it said.
In addition, DeFi projects and cryptocurrencies will be able to integrate with Immersve's APIs and smart contracts to perform transactions wherever Mastercard is accepted.
Payment systems are increasingly interested in cryptocurrency transactions. Earlier this month, for example, Visa conducted a trial run of stablecoin payments in SWIFT. Rival Mastercard is currently working to incorporate into its system the ability to convert cryptocurrencies into fiat money and back.
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