Mastercard is launching a peer-to-peer (P2P) platform for cryptocurrency users in Europe and Latin America.
The Mastercard Crypto Credential network, currently in pilot mode, supports transactions on Bit2Me, Lirium, and Mercado Bitcoin exchanges, facilitating cross-border payments.
This initiative aims to leverage digital assets for cross-border payments, emphasizing trusted interactions on public blockchain networks.
Users can utilize Mastercard Crypto Credential aliases, vanity addresses similar to those from the Ethereum Name Service (ENS), to simplify transactions.
This feature targets the growing remittances sector, where migrants sent $831 billion worldwide in 2022, up from $717 billion in 2020, according to the United Nations International Organization for Migration.
Image Credit: Pixabay
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