Mastercard, a global payments leader, has launched a new service aimed at streamlining and securing peer-to-peer crypto transactions in several European and Latin American countries. The newly introduced "Crypto Credential" service allows users to create a Mastercard username to facilitate sending and receiving Bitcoin and other cryptocurrencies through exchanges such as Bit2Me, Lirium and Mercado Bitcoin, which operate in regions such as Brazil, Argentina and France. .
Walter Pimenta, executive vice president of Product and Engineering at Mastercard for Latin America and the Caribbean, emphasized the importance of secure transactions in the growing blockchain and digital assets space. "As interest in blockchain and digital assets continues to increase in Latin America and around the world, it is essential to continue providing trusted and verifiable interactions through public blockchain networks," Pimenta stated.
Traditionally, crypto transactions require the use of complex wallet addresses, which are long, seemingly random strings of characters. Errors in these addresses may result in the loss of funds. Mastercard's new service addresses this issue by notifying the sender if the recipient's wallet does not support the specific asset or blockchain, thereby preventing the transaction from taking place and safeguarding users from potential losses.
Additionally, the service addresses the problem of scammers using similar addresses to trick users. The services often truncate wallet addresses and display only the first and last characters, which can be exploited by scammers.
