The post Mastercard Partners With Polygon to Expand Crypto Credential to Self-Custody Wallets appeared first on Coinpedia Fintech News
Crypto payments with Mastercard are set for a major leap forward.
The company has partnered with Mercuryo and Polygon Labs to bring the Mastercard Crypto Credential system to self-custody wallets. The goal is to simplify crypto transfers and make them more accessible, secure, and scalable for users.
Read on to see how it works.
Simplifying Crypto Transfers with Verified Usernames
Mastercard Crypto Credential simplifies blockchain interactions for consumers and businesses by replacing long, complicated addresses with simple aliases. Polygon Labs will be the first native blockchain network to support the solution, providing the core infrastructure behind it. Mercuryo will handle the initial user onboarding as the first issuer.
Combined with Mastercard’s trusted verification system, this creates a complete setup for secure, alias-based crypto transfers, offering fast, low-cost transactions ideal for digital payments and asset transfers.
How It Works
Mercuryo will onboard users to Mastercard Crypto Credential and give them their alias after completing KYC verification. Once verified, users can connect their wallets to their Mastercard Crypto Credential username.
Users can also choose to request a Mastercard Crypto Credential Soul Bound Token on the Polygon blockchain. This will be issued to their wallet to signal on-chain that their wallet supports transaction processing like Travel Rule compliance and verification checks to confirm that it belongs to a verified user.
After everything is set up, users will be able to receive crypto using their alias and even send in the near future.
Building Trust In Token Transfers
Mastercard says the system is designed to bring more trust and simplicity to digital payments.
“By streamlining wallet addresses and adding meaningful verification, Mastercard Crypto Credential is building trust in digital token transfers,” said Raj Dhamodharan, executive vice president, Blockchain & Digital Assets at Mastercard.
Marc Boiron, CEO of Polygon Labs, said the partnership simplifies self-custody and shows how blockchain can provide the speed, scale, and reliability that are demanded by mainstream finance. Users will also benefit from Polygon’s payment system, which is fast, affordable, and highly reliable.
Mastercard Crypto Credential is supported by the company’s larger Web3 ecosystem, making it secure, trusted, and easy to use across apps like payments, NFTs, identity, and ticketing.