Payment giant Mastercard announced on Wednesday (29th) that its "Mastercard Crypto Credential" has been launched in the first peer-to-peer pilot transaction. The network supports real-time transactions on Bit2Me, Lirium and Mercado Bitcoin exchanges. transactions to enable cross-border payments on both sides of the Atlantic.
The launch of the peer-to-peer (P2P) trading platform is part of the payments company’s push to leverage digital assets for cross-border payments, Mastercard said. Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal Users in , Spain, Switzerland and Uruguay will be able to make cross-border and domestic transfers across multiple currencies and blockchains.
“Mastercard cryptographic credentials help authenticate interactions between consumers and businesses using blockchain networks, providing assurance that users meet a set of verification standards and confirming that the recipient’s wallet supports the transferred assets.” Mastercard "Through the exchange of metadata, Mastercard cryptographic credentials remove the complexity customers need to know which assets or chains are supported by the person they are seeking to send money to, bringing more trust and certainty to these transactions," the card wrote in a press release. sex."
"Mastercard Crypto Credential" operation demonstration
Walter Pimenta, Mastercard’s executive vice president of products and engineering for Latin America and the Caribbean, said in a statement:
“As interest in blockchain and digital assets continues to surge in Latin America and around the world, it is critical to continue to provide trustworthy and verifiable interactions on public blockchain networks.”
Cryptocredential alias
Mastercard Crypto Credentials will also allow users of cryptocurrency exchanges to send and receive cryptocurrencies through their cryptographic credential aliases, instead of using long and complex blockchain addresses. The alias is a vanity address, a simplified label for a cryptocurrency wallet, similar to the domain names provided by the Ethereum Name Service (ENS) on the Ethereum network.
According to the press release, exchanges adopting the platform will first verify users against the Mastercard Crypto Credentials standard. At this point, the user will be given an alias to send and receive funds on all supported exchanges. When a user initiates a transfer, Mastercard’s cryptographic credentials verify that the recipient’s alias is valid and that the recipient’s wallet supports the digital asset being sent and the associated blockchain.
Mastercard said the wallet tag feature will facilitate cross-border payments and help it gain market share in the fast-growing remittance services sector, which is at the heart of the company's push for cryptocurrencies. Total global migrant remittances are expected to reach $831 billion in 2022, up about 16% from $717 billion in 2020, according to data cited by the International Organization for Migration.
Mastercard said peer-to-peer transactions are the first of many possible use cases its cryptographic credential system is designed to support, and may also expand to NFTs, ticketing and other payment solutions, depending on market and compliance requirements.
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