Mastercard has joined forces with four blockchain firms, Aptos, Polygon, Avalanche, and Solana, to enhance its Web3 efforts. The collaboration will focus on providing better user experiences for merchants and consumers, improved security, and more flexible payment options. With this move, Mastercard is reinforcing its position as a frontrunner in the web3 space and providing more advanced, secure, and convenient payment solutions for businesses and consumers alike.
Mastercard Launches New Web3 Solution to Enhance Blockchain Transactions
Mastercard, the acclaimed US payment giant, has unveiled a new solution called ‘Mastercard Crypto Credential’ to enhance trust in blockchain transactions. The solution is designed to establish a set of common standards and infrastructure to help attest to trusted interactions among participants using blockchain networks. By ensuring compliance, verifiability, and trust, Mastercard Crypto Credential will enable stakeholders to engage in any type of activity on public blockchain networks.
Mastercard Crypto Credential also defines verification standards and levels, as well as provides the necessary enabling technology to target more use cases. One core feature of the solution is that it will offer easy-to-remember, straightforward aliases to help consumers share wallet addresses with one another, improving the customer experience, and reducing the potential for errors. Additionally, the solution will bring richer information to blockchain transactions through metadata.
CipherTrace’s services have also been integrated into the solution to verify addresses, ensuring compliance with the Travel Rule for cross-border transactions. Aptos Labs, Ava Labs, Polygon Labs, and The Solana Foundation are among the prominent blockchain entities partnering with Mastercard in bringing the solution to application developers. The collaboration aims to enhance verification in various payment solutions, including ticketing, enterprise, and non-fungible tokens (NFTs).
Mastercard’s interest in the Web3 space is not new. Last October, it launched a program to help traditional financial institutions offer cryptocurrency trading to their clients. The payments firm also teamed up with Binance to roll out crypto prepaid cards in Brazil. Recently, Mastercard announced its plans to release an NFT to help Web3 musicians access resources to boost their careers.
In conclusion, Mastercard’s new solution, Mastercard Crypto Credential, will undoubtedly enhance trust in blockchain transactions. By establishing common standards and infrastructure, participants can engage in various activities on public blockchain networks with confidence. Mastercard’s continued interest in the Web3 space is also a positive sign, suggesting that the company is prepared to adapt and embrace the technology of the future.