Mastercard has taken a significant step in simplifying cryptocurrency transactions by launching the Crypto Credential feature. This new system allows users to send and receive cryptocurrency using a username instead of a complex wallet address.
The feature aims to make blockchain transactions more accessible and user-friendly.
The initial roll-out includes live transactions on Bit2Me, Lirium, and Mercado Bitcoin exchanges, focusing on the Latin American and European markets. Leif Ferreira, CEO of Bit2Me, highlighted the deepening alliance with Mastercard, emphasizing their shared commitment to innovation in crypto payments.
Under the new system, exchanges verify users according to Mastercard’s standards. Verified users then receive a unique alias for transactions. When a user sends funds, Mastercard Crypto Credential ensures the recipient's alias is valid and supports the specific digital asset, reducing the risk of transaction errors.
Walter Pimenta, Mastercard's EVP of Product and Engineering for Latin America and the Caribbean, noted that this feature boosts safety and trust in blockchain transactions. It ensures users only engage in verified and supported transfers, fostering confidence in digital asset exchanges.
Initially, a select group of crypto wallet users will access this feature on a first-come, first-serve basis. Over the next few months, Mastercard plans to expand availability to over 7 million users across participating exchanges.
This move underscores Mastercard’s continued investment in blockchain technology and its commitment to providing secure, simple, and reliable payment solutions. As interest in digital assets grows, Mastercard's Crypto Credential is poised to enhance the user experience and trust in the crypto ecosystem.