Mastercard has announced the Mastercard Crypto Credential, which will enable the “first peer-to-peer (P2P) pilot transactions” using aliases instead of long and complicated blockchain addresses. The new system aims to simplify cryptocurrency transactions for exchange users and provide a more user-friendly approach.
Mastercard Crypto Credential uses a blockchain network to verify interactions between consumers and businesses, ensuring that users meet the verification standards set by Mastercard and that the recipient’s wallet supports the transferred assets.
Latest Update: Mastercard Crypto Authentication Launches "First peer-to-peer pilot transaction"Partners with Mercado Exchange #Bitcoin 👀 pic.twitter.com/Xt6nbqV5XA
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“Mastercard continues to invest in technology, standards and partnerships to bring safe, simple and secure payments to the forefront,” said Walter Pimenta, executive vice president, product and engineering, Latin America and the Caribbean, Mastercard. “As interest in blockchain and digital assets continues to grow in Latin America and around the world, it is essential that we continue to provide trusted, verifiable interactions across public blockchain networks. We look forward to working with these dynamic partners to realize the full potential of Mastercard Crypto Credentials.”
The live trading feature will first be enabled on the Bit2Me, Lirium and Mercado Bitcoin exchanges, aiming to facilitate trade between the Latin American and European corridors. Users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland and Uruguay can now make cross-border and domestic transfers across multiple currencies and blockchains. announcement.
Mastercard said the system also supports the exchange of Travel Rule information for cross-border transactions, a regulatory requirement to prevent illicit activity. P2P transactions are the first of many use cases the 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 said.
“Mercado Bitcoin is proud to partner with Mastercard on this groundbreaking crypto authentication pilot,” said Roberto Dagnoni, owner of Mercado Bitcoin. “As a Latin American leader in innovative blockchain solutions, including for real-world assets and Brazil’s CBDC, we believe in Mastercard’s work and its potential to pave the way for a faster future for global financial transactions.”
The credit card company said that a select group of crypto wallet users will be able to redeem the Mastercard Crypto Credential on a first-come, first-served basis, before it becomes more widely available to more than 7 million users of participating exchanges in the coming months.
