Mastercard has announced the launch of its new peer-to-peer cryptocurrency network, Mastercard Crypto Credential, aimed at facilitating digital asset transactions between Europe and Latin America.
In its pilot phase, the Mastercard Crypto Credential network will support transactions on platforms like Bit2Me, Lirium, and Mercado Bitcoin.
This initiative cites Mastercard’s commitment to integrating digital assets into cross-border payment solutions, a sector experiencing rapid growth.
Walter Pimenta, Mastercard’s executive vice president of product and engineering for Latin America and the Caribbean, highlighted the importance of reliable and verifiable interactions on public blockchain networks, especially as interest in blockchain technology rises globally.
One of the standout features of the new P2P network is the introduction of Mastercard Crypto Credential aliases.
These vanity addresses function similarly to the Ethereum Name Service, providing users with easily recognizable labels for their crypto wallets.
This feature aims to simplify cross-border transactions and enhance the user experience.
Mastercard’s move aligns with its broader strategy to capture a share of the expanding remittance market.
According to the United Nations International Organization for Migration, global remittances reached an estimated $831 billion in 2022, up from $717 billion in 2020.
Mastercard aims to streamline these cross-border payments and tap into this lucrative market by leveraging its new crypto network.
