Mastercard Crypto Credential Pilot Now Live!

By Novasky | DevPress | 30 May 2024

Blockchain addresses are cryptic. And they make it hard for you to read them and then try to use them while sending the money. Variety of solutions were made to combat this. Lightning network uses email like approach to send the funds. Some of the other chains also have alias system to handle this. And now to move away from the big address even the Mastercard is attempting to do the same. 

This program is called as the crypto credential program. And it is being pilot in the specific south American and European nations. This way it would be possible to send the domestic and international crypto funds. Obviously the regulation would be applied here and things would be sorted legally too. 

So how does this work? 

Crypto credential program makes it easier for you to create an alias with the Mastercard. Then you take the alias of the receptor party. And then send the funds. Both sides would recognize each other and the fund would be easy to send after verification. Kind of like old systems but here the complications of large account numbers and blockchain address is removed. 

This is handy for the travel people too. And people who want to make use of the wallet can be using this option for online shopping or for paying the travel systems there. And you can expect this extending to the NFT and other digital asset. So you can find this in the digital custody management. But overall I feel like there are some of the alias based usage that we should be making use of as well. 

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