Register a company in the United Kingdom and get a Payoneer account in just 3 days!
Mastercard tests new crypto credential system
Mastercard is launching a pilot program for its Crypto Credential network, facilitating cross-border peer-to-peer (P2P) transactions of digital assets between Latin America and Europe.
Introduced last year, Mastercard Crypto Credential is a system designed to verify interactions between consumers and businesses on blockchain networks. This pilot program will allow users on Bit2Me, Lirium, and Mercado Bitcoin exchanges to make both domestic and cross-border transfers across various currencies and blockchains.
A key feature of this system is the use of aliases instead of complex blockchain addresses, simplifying the process of sending and receiving crypto. These aliases are obtained after a user’s identity is verified by the exchange according to Mastercard Crypto Credential standards.
To ensure secure transactions, the system verifies the recipient’s alias and wallet compatibility with the specific digital asset and blockchain before a transfer is completed. This prevents potential loss of funds if the receiving wallet is not compatible.
While the pilot program is focused on P2P transactions, Mastercard envisions the system being used for a variety of purposes, including remittances, NFTs, ticketing, and other payment options.
At International Fintech Business (IFB), we help to connect companies to VISA, MasterCard, and China Union Pay payment methods. Our experts can help with any questions you may have. Contact us today!
