Mastercard Debuts Crypto Credential with First P2P Transactions

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Mastercard says wider availability will roll out to more than 7 million users across participating exchanges.

Mastercard has introduced its Mastercard Crypto Credential, facilitating its "first peer-to-peer (P2P) pilot transactions" through the use of aliases instead of long and complex blockchain addresses. This new system aims to make cryptocurrency transactions easier for exchange users, providing a more user-friendly experience.

Mastercard Crypto Credential verifies interactions between consumers and businesses on blockchain networks, ensuring users meet verification standards set by Mastercard and confirming that the recipient's wallet supports the transferred asset.

“Mastercard continues to invest in its technology, standards and partnerships to bring safe, simple and secure payments to the forefront,” said Mastercard Executive Vice President of Product and Engineering in Latin America and the Caribbean, Walter Pimenta . “As interest in blockchain and digital assets continues to surge in Latin America and around the world, it is essential to keep delivering trusted and verifiable interactions across public blockchain networks. We’re thrilled to work with this dynamic set of partners to bring Mastercard Crypto Credential closer to realizing its full potential.”

The initial live transaction capabilities are available on the Bit2Me , Lirium , and MB | Mercado Bitcoin exchanges, aiming to facilitate transactions between Latin American and European corridors. Users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay can now send cross-border and domestic transfers across multiple currencies and blockchains, according to the announcement.

Mastercard also noted that the system supports the exchange of Travel Rule information for cross-border transactions, a regulatory measure to prevent illegal activities. The P2P transaction is the first of many use cases that Mastercard Crypto Credential plans to support, with potential applications extending to NFTs, ticketing, and other payment solutions, depending on market and compliance requirements, the announcement stated.

“Mercado Bitcoin is proud to partner with Mastercard on its groundbreaking Crypto Credential pilot,” said Mercado Bitcoin Owner, Roberto Dagnoni . “As a Latin American leader in innovative blockchain solutions, such as real-world assets and the Brazilian CBDC, we believe in Mastercard's initiative and its potential to pave the way for a faster future of global financial transactions.”

The credit card company indicated that a select group of crypto wallet users would be the first to use Mastercard Crypto Credential on a first-come, first-serve basis. Wider availability is expected to roll out over the coming months to more than 7 million users across the participating exchanges.

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