Mastercard Launches Crypto Credential For Crypto Users

Mastercard launched Crypto Credential for crypto users (Photo; Doc. Businesspeople)

JAKARTA The Mastercard has launched an innovative service called Crypto Credential. The service is designed to replace the long and complicated crypto wallet address with the Crypto Credential Alias Mastercard, a move that is expected to revolutionize the way digital asset transfers are carried out.

As additional information, Alias in the context of Mastercard Crypto Credential is a kind of simple username given to users to send and receive Bitcoin as well as coins and other tokens through crypto exchanges. This alia replaces the usually long and complicated blockchain wallet address, making it easier for users to make transactions.

Mastercard Crypto Credential allows users to send and receive digital assets using a more easily remembered and used alias. According to CryptoNews information, Mastercard explains that this solution not only facilitates sending blockchain transactions, but also adds a layer of security and transparency.

This service verifies the user via Mastercard standards before providing Alias. When the user sends the crypto, the system ensures that the valid Alias and address of the recipient network supports tokens and blockchains associated with the transaction. If the recipient's address does not support the sender's assets or network, the transaction will not continue, preventing loss of funds due to user error.

Use Of Alias For Security

Alias in Crypto Credential also serves as protection from address fraud schemes, in which attackers trick wallet users to send coins to addresses that look similar to their own addresses. Thus, Alias' use can reduce the risk of fraud and increase trust in crypto transactions.

Currently, Crypto Credential services are available on the Bit2Me, Lirium, and Mercado Bitcoin exchanges. Mastercard plans to expand this service to countries including Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay. More European countries are expected to follow.

Mastercard Innovation In Financial Technology

Mastercard also joined a large bank consortium to test distributed ledger technology in completing digital asset transfers between companies. The assets tested include commercial bank money, US debt securities, central bank money, and high-quality debt.

With the launch of Crypto Credential, Mastercard demonstrates its commitment to continuing to innovate and expand accessibility and security in the crypto ecosystem. This initiative is expected to make digital transactions more secure and easier for users around the world.