Mastercard, the American financial technology giant, has launched its Crypto Credential service, offering users an easy and secure way to send and receive digital assets through peer-to-peer (P2P) payments.

Eliminating Complex Blockchain Addresses

With the Mastercard Crypto Credential service, users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay can now perform cross-border and domestic transfers across multiple blockchains and currencies using simple aliases instead of long and complex blockchain addresses.

Verifying Transactions and Protecting Users

To utilize the platform, users must first be verified under the Mastercard Crypto Credential standard, which assigns them an alias for all crypto transfers across the supported crypto exchanges. When a user initiates a transaction, Mastercard Crypto Credential verifies the receiver's alias, checks if the receiver's wallet supports the digital assets and associated blockchain, and notifies the sender if the wallet does not support either the crypto or the blockchain, preventing potential loss of funds.

Expanding the Pilot Ecosystem

The Mastercard Crypto Credential pilot ecosystem has welcomed its latest crypto wallet, Foxbit, and the integration with Lirium will bring the offering to Lulubit users, further expanding the reach to more users. This P2P transaction marks the first among several use cases that Mastercard Crypto Credential aims to support.

Future Ventures and Collaborations

In the near future, Mastercard Crypto Credential may venture into Non-fungible Token (NFT), ticketing, and possibly other payment solutions, subject to market and compliance requirements. Mastercard has also collaborated with some of the largest US banks to test shared-ledger technology aimed at facilitating the common settlement of tokenized assets.

Growing Utilization in the Blockchain Ecosystem

Last month, 1Inch Network partnered with Mastercard to launch the 1Inch Card, revolutionizing crypto spending at over 160 million locations worldwide. These partnerships and integrations underscore the growing utilization of Mastercard in the blockchain ecosystem, as the company continues to innovate and provide seamless payment solutions for users.