Payment giant Mastercard has announced the launch of Crypto Credential, a trial project to transfer cryptocurrency between users.
As it became known, each Mastercard user will be assigned a convenient ID, which will replace the need for “long and confusing blockchain addresses”. Citizens of some European and Latin American countries will have access to the service.
“For the first time, cryptocurrency traders can send and receive digital currency using their pseudonyms. Such transactions are supported on Bit2Me, Lirium and Mercado platforms,“the official statement reads.
The launch of the peer-to-peer (P2P) platform demonstrates Mastercard's commitment to utilizing digital assets for international payments, an ever-expanding area of payment services. The offering will identify assets or networks approved by the recipient, increasing trust and #security of transactions, the corporation said.
“As interest in blockchain and digital assets grows in Latin America and around the world, ensuring trusted interactions on public blockchain networks becomes paramount,”said Walter Pimenta, Mastercard's vice president of products in Latin America and the Caribbean.
Crypto Credential facilitates both local and global transfers while complying with the Travel Rule, ensuring that transaction details are recorded and retained by the company.”
Mastercard predicts that more than 7 million people will soon have access to this new service. In addition to P2P transactions, Crypto Credential will facilitate the transfer of non-fungible tokens (#NFT), ticketing and various payment alternatives.
Earlier in April 2024, aggregator 1inch unveiled the #Web3 debit card in collaboration with Mastercard and Crypto Life. The payment giant also partnered with provider MoonPay, expanding its portfolio of services.
