Mastercard Makes Crypto Transactions Easier with New Alias ​​System

Bittime - Mastercard introduces the "Mastercard Crypto Credential", an alias system that simplifies crypto transactions in Europe and Latin America. This system increases trust and certainty in transactions, and supports regulatory compliance.

This system uses simple aliases instead of complex blockchain addresses to send and receive crypto. The Mastercard Crypto Credential verifies interactions between consumers and businesses on the blockchain network , ensuring user compliance with verification standards and recipient wallet compatibility with transferred assets.

The main advantage of this system is the ease of knowing which assets or blockchains are supported by the recipient's wallet, thereby increasing trust and certainty in transactions. Additionally, the Mastercard Crypto Credential also supports the exchange of Travel Rule information for cross-border transactions, a regulatory requirement to prevent illegal activity.

How Does the Mastercard Crypto Credential Work?

This system works by first verifying the user according to Mastercard standards. Once verified, users will receive an alias to send and receive funds on supported exchanges. When initiating a transfer, the system will check the validity of the alias and compatibility of the recipient's wallet.

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If the recipient's wallet does not support the asset or blockchain to be transferred, the sender will receive a notification and the transaction will be stopped to prevent loss of funds.

Mastercard Crypto Credential Is More Than Just a P2P Transaction

Currently the Mastercard Crypto Credential only supports peer-to-peer (P2P) transactions, but in the future this service has the potential to be expanded to include Non-Fungible Tokens ( NFT ), ticketing, and other payment solutions.

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Regions and Partners Involved Mastercard Crypto Credential

The Mastercard Crypto Credential is currently targeted at the Latin American and European markets. The service is available to users in various countries, including Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland and Uruguay.

For the initial stage, the service is available on three major exchanges: Bit2Me, Lirium, and Mercado Bitcoin. Users of Lulibit, an exchange based in Panama and Guatemala, can also access this service through Lirium. In addition, Brazilian crypto wallet provider Foxbit is participating in this pilot ecosystem.

Mastercard plans to offer Crypto Credential to select users in stages, and intends to expand the service to more than 7 million users in the coming months.

Other Mastercard Efforts in the Blockchain Field

Mastercard does not only focus on Crypto Credentials, the company is also active in various other blockchain projects. For example, the "Multi-Token Network" aims to improve the security, scalability and interoperability of crypto transactions. The “Crypto Source” service in collaboration with Paxos, allows banks to offer crypto trading to their customers. Mastercard has also developed technology to tokenize Central Bank Digital Currency (CBDC) on various blockchains.

In addition, Mastercard also supports several payment cards issued by crypto companies, including cards from Nexo, Bybit, Uphold, Bitpay, and Revolut.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.