Mastercard Crypto Credential makes its debut in the UAE and Kazakhstan
Mastercard has expanded its Mastercard Crypto credential service to include the UAE and Kazakhstan.
With this step, the company has entered the Eastern Europe, Middle East and Africa (EEMEA) region.
This solution is said to simplify the consumer experience for cryptocurrency exchange users, allowing them to send and receive cryptocurrencies using pseudonyms instead of blockchain addresses.
The Mastercard Crypto Credential service facilitates the verification of transactions between consumers and businesses using blockchain networks.
This expansion will enable exchanges such as ATAIX Eurasia, Intebix and CoinMENA, as well as digital asset infrastructure provider Fuze to secure blockchain transactions for users in the region.
The service works by first verifying the user under Mastercard Crypto Credential standards.
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Once verified, the user is assigned a nickname to send and receive funds across all supported exchanges.
When the transfer is initiated, the solution verifies the recipient’s pseudonym and confirms support for the digital asset and its associated blockchain. If any discrepancies arise, the transaction is stopped, protecting users from potential loss.
It will initially focus on peer-to-peer transactions, with future capabilities likely to include NFTs, ticketing, and other payment solutions, depending on market and compliance requirements.
This solution is already active in North America, Europe, Latin America and Asia Pacific, where it already facilitates cross-border and local transfers of digital assets.
A select group of cryptocurrency wallet users will have early access to the service on a “first come, first served” basis, with it expected to be more widely available across participating exchanges in the coming months.
MasterCard in Europe, the Middle East and Africa Basic payments President and Executive Vice President Gaurang Shah said: “By introducing Mastercard Crypto Credential to the EMEA region, we are achieving our vision of increasing and instilling trust in blockchain technology while changing the way people interact with digital assets.”
Mastercard Crypto Credentials launched in May 2024.
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