Mastercard, an international payment giant, announced the launch of P2P payment functions for cryptocurrency users in Europe and Latin America as part of its efforts to promote cross-border payment applications for digital assets, marking a milestone in the integration of traditional finance and the digital asset sector.

Mastercard stated that as global interest in blockchain and digital assets continues to rise, it is critical to continue to provide trusted and verifiable interactions on public chains. This infrastructure, called "Mastercard Crypto Credential", is still in the pilot stage and supports users of Bit2Me, Lirium and Mercado Bitcoin exchanges to conduct cross-currency and cross-chain domestic and foreign cryptocurrency transfers between 14 countries and regions in Europe and Latin America through instant payment functions.

This service, called "Mastercard Crypto Credential", improves the security and transparency of cross-border payments by verifying the legitimacy and compliance of transactions, and will also help financial institutions and trading platforms better comply with regulatory requirements around the world. The move is intended to promote the further development of the cryptocurrency market and provide users with a safer and more convenient trading experience.

Mastercard said the wallet tag feature will facilitate cross-border payments, helping the company grab more market share in the fast-growing remittance service sector, and is also at the heart of the company's push for cryptocurrency adoption. According to the United Nations International Organization for Migration, in 2022 alone, the total remittances of global migrants reached $831 billion, an increase of about 16% from $717 billion in 2020.

Mastercard further elaborated that the addition of new partners such as Foxbit and the integration of Lirium with Lulubit have expanded the coverage of Mastercard's pilot program, which is expected to provide access to a wider range of consumers.

Mastercard's system not only supports crypto asset transfers, but is also ready to expand its practicality to other applications such as non-fungible tokens (NFTs) and blockchain ticketing to meet market demand and regulatory compliance. Mastercard claims that the program marks an important step in using blockchain technology for mainstream financial transactions, emphasizing security and ease of use. $BTC $ETH