Mastercard Takes Official First Step in World of Crypto: Mastercard Crypto Credential Goes Live | The Fintech Times

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Mastercard Takes Official First Step in World of Crypto: Mastercard Crypto Credential Goes Live

by Francis Bignell June 3, 2024 June 3, 2024

Payments giant, Mastercard has achieved a new milestone in its crypto endeavour as its Crypto Credential offering, first announced at Consensus 2023, has officially gone live. C rypto exchange users will be able to send and receive crypto using their Mastercard Crypto Credential aliases

Mastercard Crypto Credentials helps verify interactions among consumers and businesses using blockchain networks. Instead of needing to use traditionally complex blockchain addresses to make transactions, users can instead use simpler identifiers.

The live transaction capabilities are enabled on the Bit2Me , Lirium and Mercado Bitcoin exchanges. This allows them to enable blockchain transactions simply and securely between Latin American and European corridors.  

How it works

The exchange will first verify a user under the set of Mastercard Crypto Credential standards. At that point, the user obtains an alias to send and receive funds across all supported exchanges. 

When a user initiates a transfer, Mastercard Crypto Credential verifies that the recipient’s alias is valid, and that the recipient’s wallet supports the digital asset and associated blockchain. 

If the receiving wallet does not support the asset or blockchain, the sender is notified and the transaction does not proceed, protecting all parties from the potential loss of funds.  

Users will be able to send cross-border and domestic transfers across multiple currencies and blockchains. The countries initially taking part are:

Argentina Brazil Chile France Guatemala Mexico Panama Paraguay Peru Portugal Spain Switzerland Uruguay Walter Pimenta, executive vice president, product and engineering, Latin America and the Caribbean at Mastercard

“Mastercard continues to invest in its technology, standards and partnerships to bring safe, simple and secure payments to the forefront,” said Walter Pimenta , executive vice president, product and engineering, Latin America and the Caribbean at Mastercard.

“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 realising its full potential.”  

Extending the ecosystem

Building on this momentum, Foxbit is the latest crypto wallet provider to join the Mastercard Crypto Credential pilot ecosystem, extending the reach to more consumers. Lulubit users will also receive access through its integration with Lirium. 

“For the Foxbit Group, working with a leader like Mastercard reinforces our commitment to adapting to market needs. We want to offer solutions that not only accompany but also enrich our users’ experience in the dynamic world of cryptocurrencies,” said Ricardo Dantas , chief executive officer of Foxbit Group.

“This is an important step in strengthening our presence in the cryptocurrency market. Our collective work, which includes joining the Mastercard Crypto Credential ecosystem as well as launching the Foxbit Card, aligns perfectly with our mission to expand the usability and accessibility of cryptocurrencies, offering our customers more ways to manage and make the most of their digital finances.” 

Mastercard Crypto Credential provides the assurance that the user has met a set of verification standards. It also confirms that the recipient’s wallet supports the transferred asset. Through the exchange of metadata, Mastercard Crypto Credential eliminates the complexity of a consumer knowing which assets or chains are supported by the person they are looking to send funds to, bringing more trust and certainty to these transactions.  

Mastercard Crypto Credential supports the exchange of travel rule information for cross-border transactions. The travel rule is a regulatory requirement to ensure transparency and prevent potentially illegal and illicit activities. 

The P2P transaction is the first of many possible use cases that Mastercard Crypto Credential aims to support. Others may extend to NFTs, ticketing, and other payments solutions depending on market and compliance requirements. It also represents the potential to further expand and support the domestic and cross-border remittance market. 

Author

Francis Bignell

Francis is a journalist and our lead LatAm correspondent, with a BA in Classical Civilization, he has a specialist interest in North and South America.

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Posted by Jack Read more Comments (15) 2024.12.12 21:09