Mastercard launches cryptocurrency P2P system in Brazil and 14 countries around the world

Global payments giant Mastercard has just launched the first pilot of P2P transactions using the Mastercard Crypto Credential system.

This new service allows users to send and receive cryptocurrencies using aliases (such as email addresses) instead of blockchain addresses, bringing greater ease and security to digital transactions. The innovation is now available in 14 countries, including Argentina, Brazil, Chile, France, Guatemala, Mexico, Panama, Paraguay, Peru, Portugal, Spain, Switzerland and Uruguay.

Mastercard Crypto Credential helps verify interactions on blockchain networks. Thus, it ensures that users meet a set of verification standards. Additionally, the system confirms whether the recipient’s wallet supports the transferred asset.

Through the exchange of metadata, users can learn which assets or networks are supported by the recipient, increasing trust and certainty in transactions.

Mastercard innovates with cryptocurrency P2P

The service supports international and domestic transfers across multiple currencies and blockchains. It is currently active on Bit2Me, Lirium and Mercado Bitcoin exchanges, which can now offer secure transactions between the Latin American and European regions.

This support facilitates the movement of cryptocurrencies between different regions, making the process more agile and secure for users.

One of the highlighted features of Mastercard Crypto Credential is support for exchanging Travel Rule information for cross-border transactions. This regulatory requirement guarantees transparency and prevents illegal activities, reinforcing transaction security.

When a user initiates a transfer, the system checks that the recipient’s alias is valid and that the wallet supports the digital asset and associated blockchain. If the recipient’s wallet does not support the asset or blockchain, the sender receives a notification that the transaction does not take place. In this way, the mechanism helps protect everyone involved from possible losses.

Mastercard’s initiative comes at a time of growing interest in blockchain and cryptocurrencies in Latin America and the world.

Walter Pimenta, executive vice president of Products and Engineering at Mastercard Latin America and the Caribbean, said:

“Mastercard continues to invest in its technology, standards and partnerships to bring safe, simple and secure payments to the forefront.”