Mastercard has launched its new Crypto Credential service, designed to simplify cryptocurrency transactions by using aliases instead of complex blockchain addresses. This service aims to make peer-to-peer transactions more accessible and intuitive for users across various exchanges like Bit2Me, Lirium, and Mercado Bitcoin. By replacing lengthy and intricate wallet addresses with straightforward usernames, Mastercard is enhancing user experience and minimizing transaction errors​.

The Crypto Credential service ensures secure and transparent transactions by verifying user identities and checking the compatibility of recipient wallets with digital assets. It prevents the loss of funds by notifying the sender if the recipient’s wallet doesn’t support the asset or blockchain intended for the transaction. This verification process, which involves Mastercard’s standards, assures users of the safety and traceability of their transactions​​.

Initially available in countries such as Argentina, Brazil, and France, the Crypto Credential service is expected to roll out to over seven million users globally in the coming months. Mastercard plans to expand this service to include various applications beyond peer-to-peer transactions, such as NFTs, ticketing, and other payment solutions. “As interest in blockchain and digital assets continues to surge, it is essential to deliver trusted interactions across public blockchain networks,” said Walter Pimenta, Executive Vice President at Mastercard​.

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