Focus on wider adoption of crypto with simplified transfers

Mastercard has launched its Mastercard Crypto Credential, facilitating the first pilot peer-to-peer (p2p) transactions that simplify and secure blockchain transfers.

The latest offering will allow users of Bit2Me, Lirium and Mercado Bitcoin exchanges to send and receive cryptocurrency using easy-to-remember aliases instead of cumbersome blockchain addresses. This new capability is designed to improve the simplicity and security of transactions, promoting wider adoption of cryptography.

Debut of Mastercard P2P crypto transactions

According to the official press release, Mastercard Crypto Credential currently connects Latin American and European brokers, aligning with Mastercard’s expansion into the digital asset ecosystem and integrating financial solutions. New partnerships are also being forged to further expand the reach and capabilities of the ecosystem.

Users in Peru, Chile, Portugal, Argentina, Guatemala, Panama, Mexico, Brazil, Paraguay, Spain, France, Switzerland and Uruguay will be able to make domestic and cross-border transfers across multiple currencies and blockchains. Foxbit has become the latest crypto wallet provider to join the Mastercard Crypto Credential pilot program, reaching a wider audience. In addition, Lulubit users will have access through its integration with Lirium.

Mastercard stated that the rollout of p2p transactions marks the first use case for the Mastercard Crypto Credential, with possible future expansions to NFTs, tickets and other payment methods guided by market trends and regulatory standards.

In a statement, Walter Pimenta, executive vice president of Product and Engineering, Latin America and the Caribbean at Mastercard, was quoted as saying:

“As interest in blockchain and digital assets continues to grow in Latin America and around the world, it is essential to continue to provide trusted and verifiable interactions on public blockchain networks. We are excited to work with this dynamic set of partners to bring Mastercard Crypto Credential closer to realizing its full potential.”

Elimination of transaction complexity

Mastercard Crypto Credential also seeks to verify interactions between consumers and businesses on blockchain networks. It also focuses on ensuring that users meet specific verification standards and confirm that the recipient’s wallet can accept the transferred asset.

The service also removes the complexity for consumers of determining which assets or blockchains the recipient supports through the exchange of metadata. The goal is to increase trust and certainty in transactions.

It also supports the exchange of information on travel rules for cross-border transactions, a regulatory requirement designed to ensure transparency and prevent illegal activities.

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