Focus on broader cryptocurrency adoption 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 the Bit2Me, Lirium and Mercado bitcoin exchanges to send and receive cryptocurrencies using easy-to-remember aliases instead of cumbersome blockchain addresses. This new capability is designed to improve the simplicity and security of transactions, promoting broader adoption of cryptocurrencies.

Mastercard P2P crypto Transactions Debut

According to the official crypto-credential-goes-live-with-first-peer-to-peer-pilot-transactions-adds-new-partners-to-the-ecosystem/” target=”_blank” rel=”noopener” data-wpel-link=”external”>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 national and cross-border transfers through various currencies and blockchains. Foxbit has become the newest crypto wallet provider to join the Mastercard crypto Credential pilot program, reaching a broader audience. Additionally, Lulubit users will gain access through its integration with Lirium.

Mastercard stated that the launch of p2p transactions marks the first use case for Mastercard crypto Credential, with possible future expansions to nft, ticketing and other payment methods guided by market trends and regulatory standards.

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

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

Eliminating transaction complexity

Mastercard crypto Credential also seeks to verify interactions between consumers and businesses on blockchain networks. The focus is also on ensuring that users meet specific verification standards and confirm that the recipient's wallet can accept the transferred asset.

The service also eliminates the complexity for consumers of determining which assets or blockchains the recipient supports by exchanging metadata. The objective is to improve trust and certainty in transactions.

Additionally, it 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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