MasterCard Launches Crypto Credentials P2P Service
KEY FACT: Mastercard has launched a new “Crypto Credential” service which replaces complex wallet addresses with user-friendly alias to make peer-to-peer crypto transfers far more intuitive for users.
Created on Corel Paint, Image source: Mastercard
MasterCard Launches Crypto Credentials P2P
MasterCard, the payment giant has launched a new service that allows users of select crypto exchanges to send and receive digital assets using a Mastercard Crypto Credential Alias rather than a blockchain address. This was conveyed in a press release dated May 29. The benefits of the Mastercard crypto credential include a common set of verification standards, a simple, safe, safe user experience, reduced risks of losing funds, compliant, transparent transaction management, and more. This milestone marks the first real-world application of the Mastercard Crypto Credential vision, unveiled at Consensus in 2023.
Mastercard through its news handle on X (formerly Twitter) stated that the new service of replacing complex wallet addresses with user-friendly aliases will make sending blockchain transactions secure, transparent, and accessible.
Mastercard Crypto Credential has gone live with its first peer-to-peer transactions! This solution not only replaces complex wallet addresses with user-friendly aliases but also makes sending #blockchain transactions secure, transparent, and accessible.- Source
The live Mastercard Crypto Credential P2P transactions represent the potential to expand further and support the domestic and cross-border remittance market. Typically, blockchain addresses are long and confusing strings of random numbers and letters, except for the Hive blockchain which uses readable usernames. The MasterCard Crypto Credentials peer-to-peer will help solve the issues of wrong transactions.
Exchanges like Bit2Me, Lirium, Foxbit, and Mercado Bitcoin have already enabled the peer-to-peer MasterCard Crypto Credentials. Other exchanges like Lulubit will also grant users access to the service through its integration with Lirium. This will allow them to securely facilitate blockchain transactions between Latin American and European corridors. However, MasterCard users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay can send cross-border and domestic transfers across multiple currencies and blockchains.
Mastercard showing How Crypto Credentials P2P works
In a guide video, Mastercard has shown how the new service works. A user would have to be first certified by an exchange under the set of Mastercard Crypto Credential standards. This then qualifies the user to obtain an alias to send and receive funds across all supported exchanges.
When a user initiates a transfer, Mastercard Crypto Credential verifies that the recipient’s alias is valid and that the recipient’s wallet supports the digital asset and associated blockchain. In a case where the receiving wallet does not support the asset or blockchain, the sender is notified and the transaction does not proceed. The goal is to protect all parties from the potential loss of funds.
Speaking on the development, Walter Pimenta, executive vice president of product and Engineering, Latin America and the Caribbean at Mastercard, says the company is poised to invest and improve its technology, standards, and partnerships to bring safe, simple, and secure payments to the forefront. He furthered:
“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.”
Leif Ferreira, CEO and co-founder of Bit2Me has expressed optimism in the development born out of the collaboration with Mastercard.
“We are proud to continue deepening our alliance with Mastercard, with whom we share a commitment to innovation and the development of solutions that drive payment alternatives through the use of crypto assets,”
Foxbit Group, Lirium, and Mercado Bitcoin also express their excitement in their collaboration with Mastercard to strengthen our presence in the cryptocurrency market through the crypto credential peer-to-peer feature.
MasterCard says that the service is in its pilot phase and is only open to a select group of crypto wallet users on a first-come, first-serve basis. Wider availability will roll out to more than 7 million users across the participating exchanges in the coming months.
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This is innovation at its peak. Like I always said cryptocurrency is here and nothing anyone can do about it. The best successive government should do is to embrace cryptocurrency with an open chest.
this is indeed a great innovation, With Mastercard's crypto credentials, users will be able to buy, sell, and store cryptocurrencies more easily and conveniently by easily managing their transactions. WOW!