Mastercard recently launched the new “Crypto Credential” service to facilitate peer-to-peer (P2P) crypto transactions for ordinary users. The new service from the global payment giant allows users of specific crypto platforms to send and receive digital assets using crypto IDs. Borrowed from MasterCard instead of blockchain addresses which consist of a long and confusing string of randomly selected numbers and letters.
MasterCard announced via the Users receive an alias from the company, and later when they send digital currencies, the program verifies that the alias is correct and that the recipient’s address on the blockchain matches the type of currency and the blockchain network associated with the transaction.
If the recipient's address does not support the sent digital asset or the blockchain network, the transaction will not be processed, preventing the loss of balances due to user errors. These pseudonyms can also provide protection against receiving address scams, in which attackers defraud users by replacing receiving addresses. Their wallets are very similar to others
It is noteworthy that the service is currently available to users of the Bit2Me, Lirium, and Mercado Bitcoin platforms, and will be launched soon in Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay. In a comment to Decrypt, a company spokesperson said that more European countries will be added in the future.
