Mastercard Rolls Out Crypto Credential Service In Europe And Latin America

Global payment giant Mastercard has launched its peer-to-peer cryptocurrency credentials pilot program to simplify how users send and receive digital currencies. The new service is available in more than ten countries in Europe and Latin America. By introducing the Mastercard Crypto Credential, the company aims to simplify and secure crypto transfers, bypassing the need for complex blockchain addresses.

Crypto Transactions across Borders

According to the press release, the new offering is available on exchanges like Bit2Me, Lirium, and Mercado Bitcoin. Mastercard mentioned that users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay can now send cross-border and domestic transfers across multiple currencies and blockchains.

Additionally, Foxbit has joined the Mastercard Crypto Credential ecosystem, further extending the reach to more consumers. Lulubit users will also benefit from this integration through Lirium, broadening the network of accessible and secure crypto transactions.

Mastercard Crypto Credential aims to verify interactions between consumers and businesses on blockchain networks, ensuring users meet specific verification standards. This system confirms that the recipient’s wallet can support the transferred asset, removing the complexity of determining supported assets and blockchains.

Moreover, Mastercard Crypto Credential supports the exchange of Travel Rule information for cross-border transactions, adhering to regulatory requirements to ensure transparency and prevent illicit activities.

NFTs, Ticketing, and Other Payment Solutions

Mastercard Crypto Credential plans to support various use cases, including NFTs, ticketing, and other payment solutions. According to Mastercard, when a user registers, the exchange verifies them according to Mastercard Crypto Credential standards. The user then obtains an alias to send and receive funds across supported exchanges. During a transfer, Mastercard Crypto Credential checks the recipient’s alias and wallet compatibility.

Initially, a select group of crypto wallet users will use Mastercard Crypto Credential on a first-come, first-serve basis. The program will eventually expand to over 7 million users across participating exchanges in the coming months.