Mastercard has launched a pilot program called “crypto credentials,” which aims to simplify crypto transactions and reduce user errors for customers.
The program is being tested with select exchange partners such as Bit2Me, Lirium, Mercado, and wallet provider FoxBit.
Mastercard’s executive vice president for product and engineering in Latin America, Walter Pimenta, expressed the importance of providing trusted and verifiable interactions in the growing interest in blockchain and digital assets.
The program assigns easily-readable “aliases” to users, verified by Mastercard, to eliminate the need for traditional wallet addresses consisting of long strings of numbers and letters. This streamlines the transaction process for users.
Additionally, the program implements pre-screening of transactions to prevent users from sending incompatible crypto assets to the recipient’s address, reducing the risk of financial loss.
