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Mastercard has initiated pilot testing for a program focused on crypto P2P transactions utilizing a new user identification system. This effort seeks to streamline cryptocurrency activities and minimize the chances of user mistakes by employing aliases for transactions.
The financial powerhouse Mastercard has revealed the commencement of a pilot program that tests crypto P2P transactions through the Mastercard Crypto Credential, a novel alias-based data identification framework.
Participants will have the ability to utilize aliases in place of the lengthy crypto addresses typically necessary for blockchain transactions to send or receive digital assets. These aliases will be allocated to and authenticated by the company.
Crypto exchanges Bit2Me, Lirium, and Mercado, along with wallet provider FoxBit, will be directly involved in the initiative. Throughout the trials, users from Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland, and Uruguay will have the opportunity to conduct cross-border transfers and domestic payments in various cryptocurrencies across multiple blockchains.
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Walter Pimenta, Executive Vice President of Product and Engineering at Mastercard for Latin America and the Caribbean, indicated that the goal of the initiative is to evaluate a system and technology that will offer users a secure, straightforward, and dependable method for executing cryptocurrency payments.
Leif Ferreira, CEO and Co-Founder of Bit2Me, highlighted that Mastercard’s new identification data system will help mitigate financial losses resulting from mistakes made when entering addresses or sending assets that are incompatible with the recipient’s address.
The simplification of crypto transactions often encounters criticism from the community. Mastercard’s initiative faces scrutiny for potential centralization, as all Mastercard Crypto Credential data will be housed on the payment giant’s servers. Mastercard has previously been the target of significant data breaches. Additional verifications and the retention of client data also raise concerns among users who are apprehensive about the privacy of their personal information.
Recently, Mastercard introduced Start Path Blockchain & Digital Asset, an acceleration program aimed at cryptocurrency startups.
Сообщение Mastercard Tests P2P Payments Using Alias Authentication появились сначала на CoinsPaid Media.
