Mastercard Unveils Initiative to Streamline Crypto Transactions

Shiva Ganesh

With Mastercard's Crypto Credential initiative, consumers may send and receive cryptocurrency using aliases rather than convoluted blockchain addresses.

Pilot transactions for the program are now being conducted in Europe and Latin America, including Argentina, Brazil, France, and Spain.

The application assists in checking wallet support for the transferred asset and that users meet verification requirements in order to validate interactions on blockchain networks.

It encourages transparency requirements, the sharing of Travel Rule data for international transactions, and the stopping of illegal activity.

The first stage is the P2P transaction capabilities; NFTs, ticketing, and other payment methods may be added in the future.