Mastercard has made another move to solidify its presence in the cryptocurrency industry with the launch of a new feature, “Crypto Credential.”
This feature, which allows users to conduct crypto transactions using simple aliases instead of complicated blockchain addresses, is expected to usher in a new era of simplified digital transactions.
According to the payment giant, the capability to conduct live transactions with the new feature has already gone live on the exchanges of Bit2Me, Lirium, and Mercado Bitcoin. Individuals from countries like Argentina, Brazil, Chile, France, Guatemala, and Mexico can now send and receive peer-to-peer transactions across multiple currencies and blockchains.
Notably, crypto wallet provider Foxbit has joined the Mastercard Crypto Credential pilot, extending its reach to more consumers. Lulabit users also gain access to the feature through integrations with Lirium.
Mastercard claimed that the “Crypto Credential” feature authenticates interactions between consumers and businesses across blockchain networks. It noted that the feature verifies if a user must meet the required standards and confirms the recipient’s wallet compatibility. According to the company, this process, which removes the need for users to know which assets or chains a wallet supports, helps boost confidence in transactions. The feature is also said to enable sharing information for Travel Rule compliance on cross-border flows.
Walter Pimenta, Mastercard’s EVP of Products & Engineering for Latin America and the Caribbean, emphasized the company’s dedication to investing in bringing “safe, simple and secure payments to the forefront.”
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Bit2Me’s Leif Ferreira, Foxbit’s Ricardo Dantas, Lirium’s Martin Kopacz, and Mercado Bitcoin’s Roberto Dagnoni welcomed the initiative and expressed excitement about Mastercard driving faster global financial transactions through Crypto Credential.
Beyond peer-to-peer transactions, Mastercard revealed plans to enable use cases like NFTs and ticketing based on market demand.
“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,” Pimenta stated.
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