As a proof of concept, the system will facilitate transfers between U.S. and LAC corridors.
Mastercard, one of the world’s largest payment processors, has announced the launch of its latest innovation: the Mastercard Crypto Credential, on April 28th in Miami.
According to reports, this new technology will pave the way for trusted and compliant transactions on public blockchain networks, altering how users deal with cryptocurrencies.
According to a recent press release, the Mastercard Crypto Credential will enable various levels of verification based on market and compliance requirements, opening up a world of possibilities for both businesses and consumers.
The Mastercard Crypto Credential will provide the required enabling technologies to bring these use cases to life, from music NFTs to everyday transactions.
As the popularity of cryptocurrency and blockchain grows, so do concerns about security and compliance. As a result, Mastercard is taking a proactive approach, developing a set of common standards and infrastructure to support trusted interactions between consumers and businesses on blockchain networks.
This is not, however, Mastercard’s first venture into creating trustworthy ecosystems to support trade. The firm has been at the forefront of innovation in identity verification and global standards for many years. They are bringing that experience to the crypto and blockchain worlds with the Mastercard Crypto Credential.
According to the Executive Vice President of Blockchain and Digital Currencies at Mastercard, Raj Dhamodharan:
“Setting up and scaling trusted ecosystems to enable commerce is not new to Mastercard.”
The Goal of Mastercard Crypto Credential:
Mastercard’s commitment to boosting trust and allowing future innovation is more important than ever as the world becomes increasingly digitized. Thanks to the Mastercard Crypto Credential, businesses and customers can transact confidently, knowing their transactions are secure and compliant. This feature will enable Mastercard users to access the following:
- Simple, easy-to-remember aliases enable users to communicate wallet addresses with one another. This way, the initiative will help improve the consumer experience and lower the possibility of errors.
- Richer information on blockchain transactions via metadata to help assist users in the definition of wallet criteria. This feature will help guarantee that transactions are executed as intended for existing and new Mastercard users.
- CipherTrace’s range of services. These services will assist with address verification and Travel Rule compliance for cross-border transactions.
Bit2Me, Lirium, Mercado Bitcoin, Uphold, and public blockchain network groups Aptos Labs, Ava Labs, Polygon Labs, and The Solana Foundation are reportedly among Mastercard’s collaborators in this project. They will work together to improve verification in NFTs, ticketing, enterprise, and other payment systems.
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