Mastercard has unveiled its innovative Crypto Credential solution in the United Arab Emirates and Kazakhstan, marking the first introduction of the technology in the Eastern Europe, Middle East, and Africa (EEMEA) region.
The Mastercard Crypto Credential platform is designed to simplify blockchain transactions by replacing complex blockchain addresses with user-friendly aliases. This solution is made possible through Mastercard’s strategic partnerships with prominent crypto exchanges and digital asset providers in the region. Among the key collaborators are ATAIX Eurasia, Intebix, COINMENA, and Fuze, a leading digital asset infrastructure provider.
Mastercard’s initiative aims to enhance transaction verification for both consumers and businesses using blockchain networks. The technology ensures that a user meets predefined verification standards and confirms that the recipient’s wallet supports the transferred asset.
“As the cryptocurrency landscape continues to mature, we’ve been focused on developing innovative services and capabilities that help make crypto more accessible and secure,” said Gaurang Shah, Executive Vice President and Head of Core Payments for EEMEA at Mastercard.
The process of using Mastercard Crypto Credential is straightforward. Users are first verified under Mastercard’s predefined standards, after which they are provided with a unique alias. This alias facilitates the sending and receiving of funds across all supported exchanges. When a transfer is initiated, the solution verifies the recipient’s alias and wallet compatibility with the digital asset. If any discrepancies arise, such as an unsupported wallet, the sender is promptly notified, and the transaction is halted.
Initially, the pilot program will focus on peer-to-peer transactions, offering a secure and streamlined experience for users. Future developments are expected to expand the solution’s capabilities to include non-fungible tokens (NFTs), ticketing, and other advanced payment solutions.
The launch of Mastercard Crypto Credential in the UAE and Kazakhstan underscores the company’s commitment to driving innovation in the financial technology sector. By enabling seamless and secure blockchain transactions, Mastercard aims to make cryptocurrency more accessible and user-friendly for individuals and businesses across the EEMEA region.
The move is seen as a significant step in supporting the evolving cryptocurrency landscape, fostering greater trust and ease of use in digital asset transactions.
