Mastercard Crypto Credential - P2P Transactions and New Partners
Introduction:
Mastercard takes a significant step forward in the cryptocurrency world with the launch of Mastercard Crypto Credential, enabling simple and secure P2P transactions between users of different exchanges. The solution offers several benefits, including:
- Sending and receiving cryptocurrencies using aliases: Eliminates the need for complex blockchain addresses, making transactions easier.
- Real-time transactions: Make instant transfers between users in various countries in Latin America and Europe.
- Support for multiple currencies and blockchains: Send and receive different cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin.
- Travel Rule compliance: Ensure the security and transparency of cross-border transactions.
- Integration with various wallets: Use Mastercard Crypto Credential in various popular wallets, such as Bit2Me, Lirium, Foxbit, and Mercado Bitcoin.
How it works:
- User Verification: The user is verified according to Mastercard's standards, obtaining an alias for transactions.
- Initiating the Transfer: The user initiates the transfer, providing the recipient's alias and the amount.
- Transaction Validation: Mastercard Crypto Credential verifies that the recipient's alias is valid and that their wallet supports the cryptocurrency and blockchain of the transaction.
- Transaction Execution: If everything is okay, the transaction is executed instantly and securely.
Benefits:
- Simple and secure: Facilitates the sending and receiving of cryptocurrencies between users of different exchanges.
- Fast: Real-time instant transactions.
- Versatile: Support for multiple currencies and blockchains.
- Secure: Travel Rule compliance for cross-border transactions.
- Widely accessible: Integration with various popular wallets.
Impact:
- Expands the remittance market: Makes money transfers between countries easier and cheaper.
- Promotes cryptocurrency adoption: Makes cryptocurrencies more accessible and easier to use.
- Encourages innovation: Opens doors to new cryptocurrency use cases, such as NFTs and ticketing.
Next Steps:
- Expanding access: The solution will be available to over 7 million users in the coming months.
- New use cases: Exploring new applications for Mastercard Crypto Credential.
Conclusion:
Mastercard Crypto Credential is a major milestone in cryptocurrency adoption, offering a simple, secure, and versatile solution for P2P transactions. The initiative has the potential to revolutionize the remittance market, promote financial inclusion, and drive innovation in the crypto asset industry.
For more information:
- Visit the Mastercard website: https://www.mastercard.com/
- Read the press release: https://www.mastercard.com/news/latin-america/en/newsroom/press-releases/pr-en/2023/april/mastercard-launches-mastercard-crypto-credential-bringing-more-trust-to-the-blockchain-ecosystem/
Thank you for your attention!