Mastercard Introduces Crypto Credential for Seamless P2P Transactions in UAE, Kazakhstan

• Mastercard has launched Crypto Credential in the UAE and Kazakhstan to simplify crypto transactions.

• The solution ensures secure transactions by verifying both sender and receiver wallet compatibility.

Mastercard has launched its Crypto Credential solution, which will make it easier for people in the UAE and Kazakhstan to use cryptocurrencies. This release will allow users to send and receive digital assets through easy-to-remember names instead of complex blockchain addresses, making it easier to integrate crypto.

Crypto Credential is one of Mastercard's efforts to strengthen the security of digital asset transactions. Through cooperation with regulated exchanges such as CoinMENA in the UAEFuze in Dubai, and ATAIX Eurasia in Kazakhstan, the solution is designed to be able to verify transactions and ensure that both trading parties have met certain verification standards. It also ensures that the recipient's wallet accepts the transferred funds.

It ensures that crypto users have a level of confidence in the service, which checks the details of the transaction, including Travel Rule data and metadata sharing. Mastercard believes simplicity is key crypto transactions to promote trust among consumers and businesses.

“We are thrilled to see Mastercard embrace blockchain technology,” said Talal Tabba, CEO of CoinMENA. “Innovation like Crypto Credential is key to making digital assets easier to use, especially for those transitioning from traditional finance. “

How Mastercard Crypto Credential works

Acceptance of Crypto Credentials begins with user verification in accordance with Mastercard guidelines. After successful verification, users will receive a unique alias that can be used on any supported exchange for transferring and receiving cryptocurrencies.

When a transfer is initiated, the system checks if the recipient's alias is active and if the recipient's wallet supports the given digital asset. If not, the sender is notified, and the transaction is stopped so that no money is lost. This mechanism ensures security and ease of use as users are protected from errors and fraud.

Initially, the pilot phase will only cover peer-to-peer transactions. Nevertheless, Mastercard plans to use Crypto Credentials in several services in the future. Some of the possible applications are Non-Fungible tokens (NFTs), tickets, and other new payment applications based on market needs and legal frameworks.

Broader expansion across sectors

Mastercard Crypto Credential is only available in the UAE and Kazakhstan. It is part of a larger implementation strategy for the company's commercialization plans in markets across North America, Europe, Latin America, and Asia-Pacific. This extension enables the user to transfer digital assets not only within these sectors but also across blockchains and asset types.

The new initiative has received support from industry leaders. Arutyun Poghosyan, CEO of ATAIX Eurasia, expressed enthusiasm about the collaboration, saying, “We are very happy to implement Mastercard's Crypto Credential technology. This partnership strengthens our position in the crypto space.”

In addition to the Crypto Credential, Mastercard has also collaborated with JPMorgan to create innovative B2B cross-border payment flows. CNF has been earlier covered that the partnership connects Mastercard's MTN and Kinexys Digital Payments and is beneficial for businesses, according to CNF. This partnership leverages a single API to streamline foreign transactions, and reduces the time typically lost in crossing borders and other slow-moving barriers on global trade before.