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Mastercard Crypto Credential is now operational, with the first peer-to-peer pilot transactions

Mastercard, a financial behemoth, has implemented its initial real-world implementation of the Crypto Credential system. This system is designed to simplify and enhance the security of peer-to-peer (P2P) cryptocurrency transactions.

Mastercard has introduced a new service designed to simplify and secure peer-to-peer crypto payments across several European and Latin American countries. This service, called “Crypto Credential,” allows users to send and receive cryptocurrencies using a simple alias instead of the long, complex wallet addresses typically associated with crypto transactions. By partnering with crypto exchanges such as Bit2Me, Lirium, and Mercado Bitcoin, Mastercard aims to reduce the risk of errors and fraud in cryptocurrency transactions.

When users send cryptocurrencies, they usually deal with wallet addresses that are long and random combinations of letters and numbers. This complexity can lead to mistakes, with funds potentially being lost if the wrong address is used. Mastercard’s new service mitigates this risk by notifying the sender if the recipient’s wallet doesn’t support the asset or blockchain, preventing the transaction from proceeding and thus protecting both parties from potential financial loss.

Additionally, the use of simple aliases instead of complex addresses helps reduce the risk of scams where fraudsters use lookalike addresses to trick users. Simple aliases make it easier to verify recipient information, reducing the chances of falling victim to such schemes.

Walter Pimenta, Mastercard’s executive vice president of product and engineering for Latin America and the Caribbean, emphasized the importance of trusted and verifiable interactions in the growing field of blockchain and digital assets. He stated, “As interest in blockchain and digital assets continues to surge in Latin America and around the world, it is essential to keep delivering trusted and verifiable interactions across public blockchain networks.”

The service is now available to customers in countries including Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay. This initiative marks a significant step in making cryptocurrency transactions more accessible and secure for a broader audience.

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