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Mastercard Launches 'Crypto Credential'

Mastercard Launches 'Crypto Credential'

May 29, 2024

Mastercard Launches 'Crypto Credential'

Mastercard has introduced Mastercard Crypto Credential. The system aims to offer "cross-border and domestic transfers across multiple currencies and blockchains."

Mastercard Crypto Credential uses "aliases" instead of the typical wallet address for transactions. According to a press release by Mastercard, "The exchange first verifies a user under the Mastercard Crypto Credential standards, after which the user is assigned an alias used for sending and receiving funds across supported exchanges." When a transaction is initiated, the Mastercard system checks the validity of the recipient’s alias and confirms compatibility with the digital asset and its blockchain.

"Mastercard continues to invest in its technology, standards and partnerships to bring safe, simple, and secure payments to the forefront," Mastercard Executive Vice President of Product and Engineering for Latin America and the Caribbean, Walter Pimenta stated. "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. We’re thrilled to work with this dynamic set of partners to bring Mastercard Crypto Credential closer to realizing its full potential."

The company conducted its "first peer-to-peer (P2P) pilot transactions" using the new system. This initial rollout has been implemented on exchanges such as Bit2Me, Lirium, and Mercado Bitcoin, focusing on Latin American and European corridors.

Mastercard also stated that the system supports the exchange of Travel Rule information to comply with regulatory requirements. Additionally, Mastercard mentioned that future applications "may extend to NFTs, ticketing, and other payments solutions depending on market and compliance requirements."

Roberto Dagnoni, Owner of Mercado Bitcoin, expressed support for the initiative, stating, "Mercado Bitcoin is proud to partner with Mastercard on its groundbreaking Crypto Credential pilot. As a Latin American leader in innovative blockchain solutions, such as real-world assets and the Brazilian CBDC, we believe in Mastercard's initiative and its potential to pave the way for a faster future of global financial transactions."

Mastercard has announced that a select group of wallet users will initially have access to the Mastercard Crypto Credential on a first-come, first-serve basis. Over the coming months, the company plans to expand to more than 7 million users across the participating exchanges.

Mastercard Press Release

Bitcoin Magazine Article


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