Mastercard launches Crypto Credential service for P2P cryptocurrency transfers
Date: 2024-05-30 Author: Gabriel Deangelo Categories: BLOCKCHAIN
Mastercard announces the launch of a pilot project
Payments giant Mastercard has unveiled its new pilot project called Crypto Credential. This innovative service is designed to simplify cryptocurrency transfers between users, making the process more convenient and secure.
Simple names instead of complex blockchain addresses
As part of the project, each Mastercard client will receive a unique and easy-to-remember identifier that will replace traditional long and complex blockchain addresses. This system simplifies the sending and receiving of cryptocurrencies, allowing users to conduct transactions using only pseudonyms.
Service availability in Europe and Latin America
The service will be available to residents of a number of countries in Europe and Latin America. “For the first time, users of a crypto exchange will be able to send and receive cryptocurrency using their pseudonyms. Such transactions are available on the Bit2Me, Lirium and Mercado platforms,” the company said in a press release.
Expanding opportunities for cross-border payments
The launch of the Crypto Credential P2P platform demonstrates Mastercard's commitment to actively use digital assets for cross-border payments, which is becoming an important trend in the payment services industry. The new service will allow users to know which assets or networks are supported by the recipient, significantly increasing the trust and security of transactions.
Comment from the Vice President of Products at Mastercard
Walter Pimenta, Vice President of Products for Mastercard Latin America and the Caribbean, said: “As interest in blockchain and digital assets continues to grow in Latin America and around the world, it is critical to ensure reliable interoperability on public blockchain networks.”
Travel Rule Compliance
Mastercard emphasizes that Crypto Credential supports domestic and international transfers while complying with the Travel Rule. This means that the company collects and stores information about completed transfers, which contributes to additional security and transparency of transactions.
Future plans and functionality expansion
In the near future, more than 7 million users will be able to use the new service. In addition to P2P transactions, Crypto Credential will support non-fungible token (NFT) transfers, ticket purchasing, and other payment solutions.
Partnerships and collaborations with other companies
Let us recall that in April 2024, the 1inch aggregator introduced a Web3 debit card in partnership with Mastercard and Crypto Life. It also became known that the payment service has entered into a partnership with the MoonPay provider, which demonstrates Mastercard’s desire to continue to develop and integrate innovative financial solutions into its ecosystem.
