In a bid to facilitate peer-to-peer transactions, popular payment platform, Mastercard has announced that its Crypto Credential solution is now live. In a blog post, the global payment service provider said the solution will support crypto exchange users in sending and receiving cryptocurrencies, thereby eliminating the complex and long blockchain addresses.
Also, Mastercard confirmed the first P2P pilot transactions using the Crypto Credential aliases. The firm also announced Foxbit as the newest wallet provider to join its Crypto Credential pilot ecosystem. Likewise, through its integration with Lirium, Mastercard says Lulubit users will now be able to also receive access to Crypto Credential, thereby expanding the reach to a broader audience.
It added that the live transaction capabilities are powered on these exchanges – Mercado Bitcoin, Bit2ME, and Lirium. Aside from simplifying blockchain transactions, the development also helps to securely send and receive cryptos between Latin American and European jurisdictions.
According to Mastercard, users from Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, amongst others can now make cross-border transactions without losing control of their assets. Likewise, they will be able to carry out domestic transfer with multiple crypto assets across various chains.
In essence, the Mastercard Crypto Credential will ensure the verification of interactions among users on the blockchain. This ensures that every user satisfy the required standards, including confirming if receivers’ wallet accept transferred cryptos.
Crypto Credential supports Travel Rule Information – Mastercard
In addition to this, Crypto Credential is supporting the exchange of Travel Rule information, particularly during cross-border transactions. Don’t forget that a Travel Rule information serves as a regulatory standard that makes sure users carry out transactions with transparency and without any illicit activities.
Walter Pimenta, executive vice president, Product and Engineering, Latin America and the Caribbean at Mastercard said the firm is fully committed to bringing secure payments to the forefront. Pimenta added that this lofty ambition has propelled Mastercard to continuously invest in technologies, standards and collaborations.
The exec said the development of Crypto Credential represents Mastercard’s focus to redefine the payment system across the globe. More so, Pimenta is optimistic that the solution will address the difficulties encountered during cross-border transactions.
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