Global payment giant Mastercard has launched its peer-to-peer cryptocurrency credentials pilot program to simplify how users send and receive digital currencies. The new service is available in more than ten countries in Europe and Latin America. By introducing the Mastercard Crypto Credential, the company aims to simplify and secure crypto transfers, bypassing the need for complex blockchain addresses.
Crypto Transactions across Borders
According to the press release, the new offering is available on exchanges Bit2Me, Lirium, and Mercado Bitcoin. Mastercard mentioned that users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay can now access cross-border and domestic transfers across multiple currencies and blockchains.
Additionally, Foxbit has joined the Mastercard Crypto Credential ecosystem, further extending the reach to more consumers. Lulubit users will also benefit from this integration through Lirium, broadening the network of accessible and secure crypto transactions.
Walter Pimenta, the Executive Vice President of Product and Engineering for Latin America and the Caribbean at Mastercard said: "Mastercard continues to invest in its technology, standards, and partnerships to bring safe, simple, and secure payments to the forefront. As interest in blockchainand 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."
Mastercard Crypto Credential aims to verify interactions between consumers and businesses on blockchain networks, ensuring users meet specific verification standards. This system confirms that the recipient’s wallet can support the transferred asset, removing the complexity of determining supported assets and blockchains.
Moreover, Mastercard Crypto Credential supports theexchange of Travel Rule information for cross-border transactions, adhering to regulatory requirements to ensure transparency and prevent illicit activities.
NFTs, Ticketing, and Other Payment Solutions
Mastercard Crypto Credential plans to support various use cases, including NFTs, ticketing, and other payment solutions. According to Mastercard, when a user registers, the exchange verifies them according to Mastercard Crypto Credential standards. The user then obtains an alias to send and receive funds across supported exchanges. During a transfer, Mastercard Crypto Credential checks the recipient’s alias and wallet compatibility.
Initially, a select group of crypto wallet users will use Mastercard Crypto Credential on a first-come, first-serve basis. The program will eventually expand to over 7 million users across participating exchanges in the coming months.
This article was written by Jared Kirui at www.financemagnates.com.
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