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Mastercard, a global leader in payments, has launched a service aimed at simplifying and securing peer-to-peer crypto transactions across various European and Latin American countries.
The “Crypto Credential” service provides users with a Mastercard alias—a straightforward username—enabling them to send and receive Bitcoin and other cryptocurrencies via exchanges such as Bit2Me, Lirium, and Mercado Bitcoin, which operate in nations like Brazil, Argentina, and France. This innovative service lets users ditch long wallet addresses and send Bitcoin and other cryptocurrencies with a simple username, just like sending an email.
Typically, cryptocurrency transactions involve wallet addresses—long, random strings of letters and numbers—which can lead to lost funds if an incorrect address is used. Mastercard claims its new service mitigates this risk. Available through exchanges like Bit2Me, Lirium, and Mercado Bitcoin, Mastercard’s solution streamlines peer-to-peer crypto transactions in Brazil, Argentina, and France.
Mastercard explained that if the receiving wallet does not support the asset or blockchain, the sender is notified, and the transaction does not proceed, protecting all parties from the potential loss of funds.
The company also highlighted that scammers often use lookalike addresses to trick victims into sending digital assets, as many services truncate the display to show only the first and last few characters. Simple aliases significantly reduce this risk.
Walter Pimenta, Mastercard’s executive vice president of product and engineering for Latin America and the Caribbean, emphasized in a statement that as interest in blockchain and digital assets continues to surge in Latin America and globally, it is essential to keep delivering trusted and verifiable interactions across public blockchain networks.
Mastercard’s service is now available to customers in Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay.
The company spokesperson informed Decrypt that they are planning to expand into additional European countries as the pilot continues to progress in the near term.
The company also indicated that the Crypto Credential service might soon extend to NFTs.
Mastercard stated that the P2P transaction is just the first of many potential use cases for the Crypto Credential service, noting that other applications could include NFTs, ticketing, and other payment solutions, depending on market and compliance requirements.
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