Mastercard has launched its Mastercard Crypto Credential, facilitating the first peer-to-peer (p2p) pilot transactions that simplify and secure blockchain transfers.
The latest offering will enable users on the Bit2Me, Lirium, and Mercado Bitcoin exchanges to send and receive cryptocurrency using easy-to-remember aliases instead of cumbersome blockchain addresses. This new capability is designed to enhance transaction simplicity and security, promoting broader crypto adoption.
Mastercard’s P2P Crypto Transactions Debut
According to the official press release, Mastercard Crypto Credential currently connects Latin American and European corridors, aligning with Mastercard’s expansion into the digital asset ecosystem and integrating financial solutions. New partnerships are also being forged to further extend the ecosystem’s reach and capabilities.
Users across Peru, Chile, Portugal, Argentina, Guatemala, Panama, Mexico, Brazil, Paraguay, Spain, France, Switzerland, and Uruguay will be able to conduct both cross-border and domestic transfers across various currencies and blockchains. Foxbit has become the newest crypto wallet provider to join the Mastercard Crypto Credential pilot program, thereby reaching a broader audience. Additionally, Lulubit users will gain access through its integration with Lirium.
Mastercard asserted that the rollout of p2p transactions marks the first use case for Mastercard Crypto Credential, with potential future expansions into NFTs, ticketing, and other payment methods guided by market trends and regulatory standards.
In a statement, Walter Pimenta, executive vice president of Product and Engineering, Latin America and the Caribbean at Mastercard was quoted saying,
“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.”
Eliminating Transaction Complexity
Mastercard Crypto Credential also seeks to verify interactions between consumers and businesses on blockchain networks. The focus is also on ensuring that the users meet specific verification standards and confirm that the recipient’s wallet can accept the transferred asset.
The service also removes the complexity for consumers of determining which assets or blockchains the recipient supports by exchanging metadata. The aim is to enhance trust and certainty in transactions.
Additionally, it supports the exchange of Travel Rule information for cross-border transactions, a regulatory requirement designed to ensure transparency and prevent illegal activities.
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