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Mastercard is launching a peer-to-peer (P2P) platform for cryptocurrency users in Europe and Latin America, currently in its pilot phase. The Mastercard Crypto Credential network will facilitate cross-border transactions on Bit2Me, Lirium, and Mercado Bitcoin exchanges, aiming to harness digital assets for international payments. This initiative is part of Mastercard’s broader strategy to tap into the expanding digital assets and blockchain market, particularly for cross-border payments.
Walter Pimenta, Executive Vice President of Product and Engineering for Latin America and the Caribbean at Mastercard, highlighted the importance of maintaining trusted and verifiable interactions across public blockchain networks amid rising global interest in digital assets. The P2P network allows users to employ Mastercard Crypto Credential aliases for transactions, akin to the Ethereum Name Service (ENS) for streamlined wallet identification. This feature is designed to enhance the efficiency of cross-border payments, targeting the burgeoning remittances market. According to data from the United Nations International Organization for Migration, migrants sent approximately $831 billion in remittances globally in 2022, a significant increase from $717 billion in 2020.
