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Mastercard Launches Crypto Credential Service in Europe and Latin America
Global payments giant Mastercard has launched its peer-to-peer cryptocurrency credential pilot program to streamline how users send and receive digital currencies. The new service is available in more than ten countries in Europe and Latin America. By introducing Mastercard crypto credentials, the company aims to simplify and secure crypto transfers, bypassing the need for complex blockchain addresses.
According to the press release, the new offering is available on Bit2Me, Lirium and Mercado Bitcoin exchanges. Mastercard said users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland and Uruguay can now access cross-border and domestic transfers across multiple currencies and blockchains.
Additionally, Foxbit has joined the MasterCard Crypto credential ecosystem, further extending reach to more consumers. Lulubit users will also benefit from this integration through Lirium, expanding the network of accessible and secure crypto transactions.
Walter Pimenta, Executive Vice President of Product and Engineering for Latin America and the Caribbean at Mastercard, said: “Mastercard continues to invest in its technology, standards and partnerships to bring safe, simple and secure payments to the forefront As an interest for blockchain
and digital assets continue to increase Latin America and around the world, it is essential to continue to provide trustworthy and verifiable interactions across public blockchain networks.”
Mastercard Crypto Credential aims to verify interactions between consumers and businesses on blockchain networks, ensuring that users meet specific verification standards. This system confirms that the recipient’s wallet can support the transferred asset, eliminating the complexity of determining supported assets and blockchains.
Furthermore, Mastercard Crypto Credential supports the
exchange travel rule information for cross-border transactions, adhering to regulatory requirements to ensure transparency and prevent illicit activities.
NFTs, ticketing and other payment solutions
Mastercard Crypto Credential plans to support various use cases, including NFTs, ticketing and other payment solutions. According to Mastercard, when a user registers, the exchange verifies them according to Mastercard Crypto Credential standards. The user then gets an alias to send and receive funds through supported exchanges. During a transfer, Mastercard Crypto Credential checks the recipient’s alias and wallet compatibility.
Initially, a select group of crypto wallet users will use Mastercard crypto credentials on a first-come, first-served basis. Over the next few months, the program will expand to more than 7 million users across participating exchanges.
Global payments giant Mastercard has launched its peer-to-peer cryptocurrency credential pilot program to streamline how users send and receive digital currencies. The new service is available in more than ten countries in Europe and Latin America. By introducing Mastercard crypto credentials, the company aims to simplify and secure crypto transfers, bypassing the need for complex blockchain addresses.
According to the press release, the new offering is available on Bit2Me, Lirium and Mercado Bitcoin exchanges. Mastercard said users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland and Uruguay can now access cross-border and domestic transfers across multiple currencies and blockchains.
Additionally, Foxbit has joined the MasterCard Crypto credential ecosystem, further extending reach to more consumers. Lulubit users will also benefit from this integration through Lirium, expanding the network of accessible and secure crypto transactions.
Walter Pimenta, Executive Vice President of Product and Engineering for Latin America and the Caribbean at Mastercard, said: “Mastercard continues to invest in its technology, standards and partnerships to bring safe, simple and secure payments to the forefront As an interest for blockchain
and digital assets continue to increase Latin America and around the world, it is essential to continue to provide trustworthy and verifiable interactions across public blockchain networks.”
Mastercard Crypto Credential aims to verify interactions between consumers and businesses on blockchain networks, ensuring that users meet specific verification standards. This system confirms that the recipient’s wallet can support the transferred asset, eliminating the complexity of determining supported assets and blockchains.
Furthermore, Mastercard Crypto Credential supports the
exchange travel rule information for cross-border transactions, adhering to regulatory requirements to ensure transparency and prevent illicit activities.
NFTs, ticketing and other payment solutions
Mastercard Crypto Credential plans to support various use cases, including NFTs, ticketing and other payment solutions. According to Mastercard, when a user registers, the exchange verifies them according to Mastercard Crypto Credential standards. The user then gets an alias to send and receive funds through supported exchanges. During a transfer, Mastercard Crypto Credential checks the recipient’s alias and wallet compatibility.
Initially, a select group of crypto wallet users will use Mastercard crypto credentials on a first-come, first-served basis. In the coming months, the program will expand to more than 7 million users across participating exchanges.