Mastercard Simplifies Cross-Border Crypto Payments With New Alias System
Mastercard has introduced its Crypto Credential Aliases system, aiming to streamline cross-border cryptocurrency payments. This new feature replaces complex blockchain addresses with user-friendly names, similar to PayPal.
Mastercard's system supports the exchange of 'Travel Rule' information, enabling users to know if the recipient accepts a certain cryptocurrency. The Crypto Credentials are obtained through verification by participating exchanges, following Mastercard's standards. Initially, the service covers the corridor between Latin America and Europe, with plans to expand globally.
Mastercard envisions various use cases for its Crypto Credential Aliases, including NFTs, tickets, and other payment solutions. The service is currently available to a select group of users, with plans to roll out to all seven million users of participating exchanges in the coming months. Exchanges Bit2Me, Lirium, and Mercado Bitcoin have already integrated Mastercard's Crypto Credentials, with wallets Foxbit and Lulubit ready to follow suit.
Mastercard's Crypto Credential Aliases simplify cryptocurrency payments by replacing long blockchain addresses with easy-to-remember names. The service, initially covering Latin America and Europe, is set to expand globally, benefiting both users and participating exchanges.
