Mastercard will integrate crypto payments in DeFi and Metaverse

Payments in USDC stablecoins can be made not only in the Web3 space. But also in real merchant services that accept Mastercard cards for online payment

Mastercard Payment System and its Web3 protocol Immersve will allow users to make cryptocurrency payments in physical and digital worlds. Including decentralized services and metaverse, Cointelegraph reported. Settlements will take place in USD Coin Stablecoins (USDC), which are converted to fiat currency for transactions in a Mastercard system.

Transfers can be made at actual merchant services that accept online payment cards issued by Mastercard. Users will be able to access services using their cryptocurrencies. Online payments will be made after confirming the transaction with private keys.

Payments will be made without third-party mediation. Mastercard and Immersve will use decentralized protocols for payments.

Moreover, DeFi-projects and cryptocurrencies will be able to integrate with API interfaces. As well as Immersve smart contracts for transactions wherever Master card is accepted.

Our experts note that payment systems are increasingly interested in cryptocurrency transactions. Earlier this month, for example, Visa conducted a trial run of stablecoin payments in SWIFT. Rival Master card is currently working to incorporate into its system the ability to convert cryptocurrencies into fiat money and back.


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SWIFT begins development of blockchain platform

SWIFT system will unite almost all blockchains. And it will give traditional financial institutions access to various cryptocurrencies on one platfor, Crypto-Upvotes expert review

Interbank messaging system SWIFT and decentralized oracle network Chainlink announced that they are working together on a proof-of-concept (PoC) blockchain project. This project will allow traditional financial companies to conduct transactions on a platform that supports virtually all blockchains. Chainlink co-founder Sergey Nazarov and SWIFT Chief Strategy Officer Jonathan Ehrenfeld Sole announced it at the SmartCon 2022 conference in New York.

SWIFT is the most widely used platform for traditional cross-border transactions, connecting more than 11,000 banks worldwide. Now it can take up to several days for a payment to go through this network. And moving to blockchain should significantly reduce that time.

Project PoC will use Chainlink CCIP (Cross-Chain Interoperability Protocol) to send SWIF messages across different blockchains. This will accelerate the adoption of distributed ledger technology (DLT) in traditional finance, Nazarov said.

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