- Mastercard has launched a new crypto credential service to enhance peer-to-peer (P2P) payments.
- The service is currently gaining traction in Latin America (LATAM) and parts of Europe (EU).
- Mastercard’s initiative aims to simplify and secure blockchain transactions, making them more accessible to users.
Mastercard’s new crypto credential service revolutionizes P2P payments, making blockchain transactions more accessible and secure across LATAM and EU.
Mastercard Offers Users Easy Access to Crypto
Global financial giant Mastercard has revealed the first P2P pilot transaction of Mastercard Crypto Credential, offering users another alternative for sending and receiving digital assets. This will be the first time that crypto exchange users can send and transfer cryptocurrencies using their Mastercard Crypto Credential aliases. This eliminates the usual long and complex blockchain addresses. This service is available to users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay.
These users can perform cross-border and domestic transfers across multiple blockchains and currencies. The live transactions capabilities are now enabled on the Bit2Me, Lirium, and Mercado Bitcoin exchanges. This will enable users to conduct blockchain transactions simply and securely between Latin American and European corridors.
To utilize the platform, it is required that a user is first verified under the set of Mastercard Crypto Credential standard. This is the point where the user gets the alias which can be used for all crypto transfers across the supported crypto exchanges. Therefore, whenever a user initiates a transaction, Mastercard Crypto Credential would first verify that the receiver’s alias is valid.
It will also check to know if the receiver’s wallet supports the digital assets in question and the associated blockchain. In the case that the wallet does not support either the crypto or the blockchain, the sender is immediately notified. Thereafter, the transaction might remain truncated, protecting both parties from a potential loss of funds.
Payment Offerings To Enjoy Massive Adoption
The Mastercard Crypto Credential pilot ecosystem has just welcomed its latest crypto wallet Foxbit. The integration with Lirium will bring the offering to Lulubit users, further expanding the reach to more users. Notably, this P2P transaction marks the first among several user cases that Mastercard Crypto Credential aims to support.
In the near future, the bloc may venture into Non-fungible Token (NFT), ticketing, and possibly other payment solutions. Notably, all these innovations are dependent on market and compliance requirements. One of Mastercard’s latest feats is the groundbreaking collaboration with some of the largest US banks to test shared-ledger technology aimed at facilitating the common settlement of tokenized assets.
Last month, 1Inch Network partnered with Mastercard to launch the 1Inch Card, revolutionizing crypto spending at over 160 million locations worldwide. All of these partnerships and integrations underscore the growing utilization of Mastercard in the blockchain ecosystem.
Conclusion
Mastercard’s new crypto credential service is set to revolutionize P2P payments by simplifying and securing blockchain transactions. With its growing adoption in LATAM and EU, and future plans for NFTs and other payment solutions, Mastercard is positioning itself as a key player in the blockchain ecosystem. This initiative not only enhances user experience but also paves the way for broader acceptance and integration of digital assets in everyday transactions.
