Mastercard Unveils Crypto P2P Payments:



Mastercard has updated its Crypto Credential tool with what it refers to as a "milestone" update.



In place of depending on "the typically long and complex blockchain addresses," the business said on Wednesday, May 29, that users of cryptocurrency exchanges can now send and receive money using their Crypto Credential aliases for the first time.



The business stated that these peer-to-peer (P2P) payments reflect "the potential to further expand and support the domestic and cross-border remittance market" and are the first practical implementation of the Mastercard Crypto Credential vision, which was introduced last year.



The statement states that the process begins with a user's verification in accordance with the Mastercard Crypto Credential requirements.



From there, the user acquires a Mastercard alias to transfer and receive money.

Crypto Credential confirming that the receiver is using an alias when initiating a transfer and confirming that the recipient's wallet is compatible with the linked blockchain and digital asset.

Mastercard continued, "The sender is notified and the transaction does not proceed, protecting all parties from the potential loss of funds if the receiving wallet does not support the asset or blockchain."

In April of last year, the business unveiled the Crypto Credential, claiming that its purpose was to guarantee that governments, brands, financial institutions, and cryptocurrency organizations were adhering to established guidelines for the kinds of activities they wished to undertake in Web3 environments.

"Mastercard is not new to setting up and scaling trusted ecosystems to enable commerce." Raj Dhamodharan is the executive vice president of partnerships for digital asset and blockchain technologies at
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