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.
According to the press release, the new offering is
available on exchanges like 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 send 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 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.”
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 the
exchange 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.
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.
According to the press release, the new offering is
available on exchanges like 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 send 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 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.”
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 the
exchange 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.
