Mastercard Simplifies Crypto Payments with User-Friendly Names
Mastercard has introduced its Crypto Credential Aliases system, simplifying cryptocurrency transactions. The new service replaces complex blockchain addresses with user-friendly names, making crypto payments more convenient. The system has already been integrated by several exchanges and wallets, with plans to expand to all seven million users of participating platforms in the coming months.
Mastercard's Crypto Credential Aliases system exchanges metadata to identify supported crypto assets and chains, streamlining transactions. It also supports the exchange of 'Travel Rule' information for cross-border payments, aiding regulatory compliance.
The system has been integrated by exchanges Bit2Me, Lirium, and Mercado Bitcoin, with Foxbit and Lulubit ready to join. Users of these platforms can now use easy-to-remember names instead of long, complicated addresses for their cryptocurrency payments. Mastercard envisions wider use cases for its system, including NFTs, tickets, and other payment solutions.
Initially, Mastercard aims to cover the corridor between Latin America and Europe for its Crypto Credential service. A selected group of users will be the first to enjoy this new feature, with plans to offer it to all users over the coming months. Obtaining Crypto Credentials requires verification through the exchange according to Mastercard's standards.
Mastercard's Crypto Credential Aliases system is set to revolutionize cryptocurrency payments by making them more user-friendly. With several exchanges already on board and plans to expand, this service could significantly enhance the crypto experience for millions of users. The system's support for 'Travel Rule' information also demonstrates Mastercard's commitment to regulatory compliance in the cryptocurrency space.
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