Mastercard has launched a P2P pilot program for cryptocurrencies in an effort to simplify transactions and eliminate user error. Mastercard partners are participating in the testing: Bit2Me, Lirium, Mercado and wallet provider FoxBit. 📲

Mastercard's crypto identity system assigns "aliases" that are verified by Mastercard so that users are no longer reliant on the long string of numbers and letters that characterize traditional wallet addresses.

However, despite Mastercard's initiative, concerns about centralization remain. Mastercard's crypto identity program is not decentralized and relies on Mastercard as an intermediary to verify user identity and track transactions.