Mastercard Launches Crypto P2P Platform in Europe and Latin America

Mastercard Launches Crypto P2P Platform in Europe and Latin America

Mastercard is introducing a peer-to-peer platform tailored for cryptocurrency users in Europe and Latin America. The pilot program, named the Mastercard Crypto Credential network, facilitates transactions on the Bit2Me, Lirium, and Mercado Bitcoin exchanges, enabling seamless cross-border payments. This initiative is part of Mastercard’s broader strategy to leverage digital assets for international transactions, a sector experiencing rapid growth.

Walter Pimenta, Executive Vice President of Product and Engineering for Latin America and the Caribbean at Mastercard, emphasized the importance of providing reliable and verifiable interactions on public blockchain networks. “As interest in blockchain and digital assets continues to surge in Latin America and around the world, it is essential to keep delivering trusted and verifiable interactions across public blockchain networks,” he stated.

The P2P network will allow users to utilize Mastercard Crypto Credential aliases for transactions. These aliases act as vanity addresses for crypto wallets, similar to the Ethereum Name Service (ENS) on the Ethereum network. This feature is expected to streamline cross-border payments, helping Mastercard secure a significant share in the burgeoning remittance market, which is central to the company’s cryptocurrency strategy.

Mastercard highlights the importance of the remittance market, citing data from the United Nations International Organization for Migration, which reported that migrants sent approximately $831 billion in remittances globally in 2022, marking a 16% increase from the $717 billion recorded in 2020.