Mastercard Simplifies Crypto Payments with New Alias System
Mastercard has introduced Crypto Credential Aliases, a new system streamlining cryptocurrency payments. It replaces intricate blockchain addresses with user-friendly names, akin to PayPal. Initially, a select group of users can utilize this service, with plans to extend to all seven million users of participating exchanges in the coming months.
Mastercard aims to initially facilitate the corridor between Latin America and Europe for its Crypto Credential Aliases. The system supports the exchange of 'Travel Rule' information for cross-border payments, bolstering transparency and security.
Mastercard envisions diverse use cases for Crypto Credential Aliases, including NFTs, tickets, and other payment solutions. The Alias system also exchanges metadata, making it simpler to understand which assets or chains are supported by the recipient. Exchanges Bit2Me, Lirium, and Mercado Bitcoin have already integrated this system, with Foxbit and Lulubit ready to go.
The use of Crypto Credential Aliases necessitates verification through participating exchanges according to Mastercard's standards. This ensures a secure and reliable payment process.
Mastercard's Crypto Credential Aliases, launched with the backing of several exchanges, aims to simplify cryptocurrency payments. The system's initial focus is on the Latin America to Europe corridor, with plans to expand globally. It supports cross-border payments and has potential use cases in NFTs and other payment solutions.
