Mastercard has introduced the Crypto Credential feature, enabling customers to send and receive bitcoins through easy-to-use aliases instead of complex blockchain addresses.

The peer-to-peer (P2P) function is now available on various cryptocurrency exchanges like Bit2Me and Lirium. Through Mastercard's Crypto Credential, blockchain transactions are made simpler by verifying user identities and ensuring compatibility between digital assets and recipient wallets. It also facilitates the transfer of Travel Rule data to promote transparency and discourage illicit activities.

In accordance with Mastercard's guidelines, users undergo authentication and are provided with pseudonyms for transactions. Before proceeding, the system checks the recipient's alias and wallet compatibility and promptly alerts the sender of any possible issues to prevent financial losses.

This service is currently offered on exchanges such as Bit2Me, Lirium, and Mercado Bitcoin, with upcoming availability on Foxbit and Lulubit.

Residents of Argentina, Brazil, France, and Spain now have the capability to make domestic and international payments in various currencies across multiple blockchain networks.

Mastercard aims to expand this feature to over seven million customers on partner exchanges soon, demonstrating its commitment to improving the usability and accessibility of cryptocurrencies.

Mastercard's Crypto Credential reflects a broader trend where traditional financial institutions are incorporating blockchain technology and cryptocurrencies into their services.

Mastercard actively promotes the global adoption of cryptocurrencies by streamlining transactions, enhancing security measures, and promoting transparency, signaling a promising future for digital banking.

It is noteworthy that Mastercard previously developed an Ethereum-based app store for regulated financial applications some months ago.