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Highlights
- Mastercard has launched its crypto credential service to drive payment innovation
- The offering currently gain wide coverage in LATAM and some parts of EU
- With Mastercard, accessibility is growing at a fast pace
Global financial giant Mastercard has revealed the first P2P pilot transaction of Mastercard Crypto Credential, offering users another alternative for sending and receiving digital assets. This monumental mover by the payment network processor company has reverberated across the fintech industry.
Mastercard Offers Users Easy Access to Crypto
Intriguingly, this will be the first time that crypto exchange users can send and transfer cryptocurrencies using their Mastercard Crypto Credential aliases. The process eliminates the usual long and complex blockchain addresses involved in transactions. This service is available to users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay.
Moreover, these users can perform cross-border and domestic transfers across multiple blockchains and currencies. The live transactions capabilities are now enabled on the Bit2Me, Lirium, and Mercado Bitcoin exchanges. This will enable users to conduct blockchain transactions simply and securely between Latin American and European corridors.
To utilize the platform, it is required that a user is first verified under the set of Mastercard Crypto Credential standard. This is the point where the user gets the alias which can be used for all crypto transfers across the supported crypto exchanges. Therefore, whenever a user initiates a transaction, Mastercard Crypto Credential would first verify that the receiver’s alias is valid.
It will also check to know if the receiver’s wallet supports the digital assets in question and the associated blockchain. In the case that the wallet does not support either the crypto or the blockchain, the sender is immediately notified. Thereafter, the transaction might remain truncated, protecting both parties from a potential loss of funds.
Payment Offerings To Enjoy Massive Adoption
The Mastercard Crypto Credential pilot ecosystem has just welcomed its latest crypto wallet Foxbit. The integration with Lirium will bring the offering to Lulubit users, further expanding the reach to more users. Notably, this P2P transactions marks touted as the first amongst several users cases that Mastercard Crypto Credential aim to support.
In the near future, the bloc may venture into Non-fungible Token (NFT), ticketing, and possibly other payment solutions. Notably, all these innovations are dependent on market and compliance requirements. One of Mastercard’s latest feat is the groundbreaking collaboration with some of the largest US banks to test shared-ledger technology aimed at facilitating the common settlement of tokenized assets.
Last month, 1Inch Network partnered with Mastercard to launch the 1Inch Card, revolutionizing crypto spending at over 160 million locations worldwide. All of these partnerships and integration underscores the growing utilization of Mastercard in the blockchain ecosystem.
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