Mastercard has launched its Mastercard Crypto Credential, enabling its "first peer-to-peer (P2P) pilot transactions" using aliases instead of long and complex blockchain addresses. This new system aims to simplify cryptocurrency transactions for exchange users, offering a more user-friendly approach.
Mastercard Crypto Credential verifies interactions among consumers and businesses using blockchain networks, ensuring users meet a set verification standards, set by Mastercard, and confirming the recipient's wallet supports the transferred asset.
JUST IN: Mastercard Crypto Credential launches its "first peer-to-peer pilot transactions", partners with exchange Mercado #Bitcoin ???? pic.twitter.com/Xt6nbqV5XA
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“Mastercard continues to invest in its technology, standards and partnerships to bring safe, simple and secure payments to the forefront,” said Mastercard Executive Vice President of Product and Engineering in Latin America and the Caribbean, Walter Pimenta. “As interest in blockchain and digital assets continues to surge in Latin America and around the world, it is essential to keep delivering trusted and verifiable interactions across public blockchain networks. We’re thrilled to work with this dynamic set of partners to bring Mastercard Crypto Credential closer to realizing its full potential.”
The live transaction capabilities are initially enabled on the Bit2Me, Lirium, and Mercado Bitcoin exchanges, aiming to facilitate transactions between Latin American and European corridors. Users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay can now send cross-border and domestic transfers across multiple currencies and blockchains, according to the announcement.
Mastercard said the system also supports the exchange of Travel Rule information for cross-border transactions, a regulatory requirement to attempt to prevent illegal activities. The P2P transaction is the first of many use cases that Mastercard Crypto Credential aims to support, with potential applications extending to NFTs, ticketing, and other payment solutions depending on market and compliance requirements, the announcement stated.
“Mercado Bitcoin is proud to partner with Mastercard on its groundbreaking Crypto Credential pilot,” said Mercado Bitcoin Owner, Roberto Dagnoni. “As a Latin American leader in innovative blockchain solutions, such as real-world assets and the Brazilian CBDC, we believe in Mastercard's initiative and its potential to pave the way for a faster future of global financial transactions.”
The credit card company said that a select group of crypto wallet users will leverage Mastercard Crypto Credential on a first-come, first-serve basis, and that wider availability will become available over the coming months to more than 7 million users across the participating exchanges.
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