MasterCard Introduces Crypto Credential P2P Payment Pilot Program on

With a new pilot program, MasterCard is aiming to simplify peer-to-peer (P2P) transactions in the cryptocurrency space. MasterCard, a well-known fintech company, facilitates payments for people, businesses, and governments worldwide. Their technology ensures fast, easy, and secure transactions, handling billions of transactions annually with credit cards, debit cards, and digital wallets. The company’s goal is to enhance financial service accessibility, improve online shopping, and stimulate economies through innovative payment solutions and partnerships.

On May 29, 2024, MasterCard announced the launch of its Crypto Credential pilot program, intended to streamline P2P transactions within the cryptocurrency sphere. Through this program, users of crypto exchanges can send and receive crypto using MasterCard Crypto Credential aliases. Residents of Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay can carry out transfers within their country and internationally using various currencies and blockchains. By replacing complex wallet addresses with user-friendly aliases, MasterCard aims to make blockchain transactions more secure, transparent, and accessible.

MasterCard’s Crypto Credential program has successfully initiated its first peer-to-peer transactions. This new solution not only simplifies wallet addresses with user-friendly aliases but also ensures the security, transparency, and accessibility of blockchain transactions. Additionally, MasterCard’s latest payment solution complies with regulatory requirements in multiple countries by facilitating the exchange of Travel Rule information for cross-border transactions. This feature effectively prevents illegal and illicit activities associated with crypto-linked payments.

It’s noteworthy that traditional financial institutions have shown increased interest in the crypto sector in recent years. For instance, popular digital payment platform PayPal launched the US dollar pegged stablecoin PYUSD on the Ethereum network in August 2023. PayPal also added support for the stablecoin on the Solana network, reflecting the trend of financial players expanding into the cryptocurrency space.

(Source: Cryptochronicle)

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