Enhancing Blockchain Interactions

Mastercard Crypto Credential helps verify interactions among consumers and businesses using blockchain networks.

It ensures that users meet a set of verification standards and confirms that the recipient’s wallet supports the transferred asset.

By exchanging metadata, Mastercard Crypto Credential eliminates the complexity of determining which assets or chains are supported by the recipient, bringing more trust and certainty to transactions.

The system supports the exchange of Travel Rule information for cross-border transactions, a regulatory requirement to ensure transparency and prevent illegal activities.

While peer-to-peer (P2P) transactions are the first use case, Mastercard Crypto Credential aims to support other applications such as NFTs, ticketing, and various payment solutions, depending on market and compliance requirements.

Operational Workflow

Users are first verified under Mastercard Crypto Credential standards and receive an alias to send and receive funds across supported exchanges.

When a user initiates a transfer, the system verifies that the recipient’s alias is valid and that the recipient’s wallet supports the digital asset and blockchain.

If the wallet does not support the asset or blockchain, the sender is notified, and the transaction is halted, protecting both parties from potential fund losses.

Next Steps

A select group of crypto wallet users will leverage Mastercard Crypto Credential on a first-come, first-serve basis, with wider availability rolling out to over 7 million users across participating exchanges in the coming months.