Global payments leader Mastercard has introduced a service designed to streamline and secure peer-to-peer crypto transactions in several European and Latin American countries. The new “Crypto Credential” service enables users to create a Mastercard username for facilitating the sending and receiving of Bitcoin and various other cryptocurrencies. This service is available via exchanges such as Bit2Me, Lirium, and Mercado Bitcoin, which operate in regions including Brazil, Argentina, and France.
Mastercard Crypto Credential has gone live with its first peer-to-peer transactions! This solution not only replaces complex wallet addresses with user-friendly aliases, but also makes sending #blockchain transactions secure, transparent and accessible.
— Mastercard News (@MastercardNews) May 29, 2024
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Enhancing Security in Crypto Transactions
Walter Pimenta, Mastercard’s Executive Vice President of Product and Engineering for Latin America and the Caribbean, highlighted the significance of secure transactions in the expanding blockchain and digital assets space. He remarked, “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.”
Simplifying the Use of Wallet Addresses
Traditionally, crypto transactions require the use of complex wallet addresses—long and seemingly random strings of characters. Errors in these addresses can result in the loss of funds. Mastercard’s new service addresses this issue by notifying the sender if the recipient’s wallet does not support the specific asset or blockchain, thereby preventing the transaction from proceeding and protecting users from potential losses.
Combating Scammers and Fraud
Additionally, the service addresses the issue of scammers using lookalike addresses to deceive users. Services often truncate wallet addresses, showing only the first and last few characters, which can be exploited by fraudsters. Mastercard’s new service aims to safeguard users from such scams.
This innovative approach by Mastercard enhances the security and ease of peer-to-peer crypto transactions, benefiting users across Europe and Latin America.
