Mastercard, the payment technology platform, has a new and interesting surprise for crypto users. The master of cards, in a press release on its website, introduced the launch of its Master Crypto Credential P2P Pilot Program.
This release comes in hopes that the platform will streamline crypto transactions and ultimately reduce user error for its customers. Mastercard Crypto Credentials was initially introduced in 2023; however, this peer-to-peer feature will be its first real-world application as Mastercard seeks to become a jack of all trades and master of one more.
The premise of this new feature is simple and quite helpful. It’s the update we always knew we needed and are only just getting it now. Crypto exchange users will now be able to send and receive cryptocurrencies using their Mastercard Crypto Credential aliases. It doesn’t sound too exciting until you compare it with the old process, which involves the usual long and seriously complex blockchain addresses. It’s like comparing a donkey ride to the Shanghai Maglev Bullet.
This new process simplifies the blockchain transactions by first assigning human- recognizable “aliases” to the customers. Next, the system automatically verifies user identities and ensures compatibility between the cryptocurrencies and the wallets involved in a transaction. And where there are any issues like incompatibility, the sender gets notified to prevent potential errors or loss of funds. Sounds good to me!
Crypto exchanges like Bit2Me, Lirium, Mercado, and Foxbit have already been keyed into the live transaction capabilities, and their users now have full access to the Crypto Credential program. Mastercard also mentioned that Lulubit users are covered since the platform is integrated with Lirium.
But that’s not all there is about the Mastercard Crypto Credential. The company also noted that the platform will now enable the exchange of Travel Rule Information for customers initiating a cross-border transaction. That will come in handy because Mastercard now allows cross-border and domestic transfers for users in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland and Uruguay across multiple currencies and blockchains. The company hopes this feature will help maintain transparency and prevent illegal activities. Say what you want about Mastercard, but they put the Master in Mastercard.
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While this new program is truly exciting, you may want to hold off on the excitement for a while because the feature will not be available to everyone yet. Only a select group of crypto wallet users will be able to leverage the Mastercard Crypto Credential program for now. This selection will be done on a first-come, first-served basis, but eventually, the program will be available to over 7 million users on the supported exchange platforms. How Mastercard has not yet provided a specific date, so if you’re interested, you might want to step on the gas and move fast.
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