Mastercard is set to revolutionize the world of cryptocurrency with its latest innovation: Crypto Credential. This new feature allows users to send and receive cryptocurrency using a specific username instead of a complex wallet address. For the first time, crypto exchange users can leverage Mastercard Crypto Credential aliases for their transactions, significantly simplifying the process.
Simplifying Transactions Across Borders
Mastercard’s Crypto Credential feature is now live on the Bit2Me, Lirium, and Mercado Bitcoin exchanges. This enables secure and straightforward blockchain transactions between Latin American and European corridors. Leif Ferreira, CEO and co-founder of Bit2Me, expressed his enthusiasm: “We are proud to continue deepening our alliance with Mastercard, with whom we share a commitment to innovation and the development of solutions that drive payment alternatives through crypto assets.”
How It Works
The Mastercard Crypto Credential operates through a standardized process. Here’s a breakdown:
- User Verification: The exchange verifies the user under the Mastercard Crypto Credential standards.
- Alias Creation: Once verified, the user receives an alias to send and receive funds across supported exchanges.
- Transaction Initiation: When initiating a transfer, Mastercard Crypto Credential verifies the recipient’s alias and ensures the recipient’s wallet supports the digital asset and blockchain.
- Transaction Validation: If the recipient’s wallet does not support the asset or blockchain, the sender is notified, and the transaction is halted, preventing potential loss of funds.
Enhancing Safety and Trust
Mastercard Crypto Credential not only simplifies transactions but also enhances safety and trust. It verifies interactions among consumers and businesses using blockchain networks, ensuring users meet verification standards. The feature confirms that the recipient’s wallet supports the transferred asset, thus eliminating the complexity for consumers.
Future Expansion
Initially, a select group of crypto wallet users will have access to Mastercard Crypto Credential on a first-come, first-serve basis. Mastercard plans to expand availability to more than 7 million users across participating exchanges in the coming months.
Walter Pimenta, Executive Vice President of Product and Engineering for Latin America and the Caribbean at Mastercard, highlighted the company’s ongoing commitment: “Mastercard continues to invest in its technology, standards, and partnerships to bring safe, simple, and secure payments to the forefront.”
Mastercard’s Crypto Credential feature is a significant step forward in making cryptocurrency transactions more accessible and secure, reinforcing the company’s position at the forefront of payment technology innovation.