- The newly launched protocol will define verification levels and standards
- It will use metadata to bring richer information to blockchain transactions
Mastercard has launched Mastercard Crypto Credential, a protocol setting common standards and infrastructure to ensure trusted interactions among businesses and consumers on blockchain networks, the payments giant posted on their blog.
Mastercard Crypto Credential can unlock various use cases, as business and consumer verification needs can be quite diverse depending on compliance and market requirements, they added.
Music Pass NFT vs. Immersve
Mastercard’s Music Pass NFT and their work with Immersve require different verification criteria. The first is used to receive an NFT, while the second gives consumers the ability to pay for ordinary purchases using crypto from their Web3 wallets.
Meeting preset standards
Mastercard Crypto Credential can guarantee that parties who wish to interact across Web3 environments fulfill defined requirements for the types of operations they will carry out. The newly launched protocol will define verification levels and standards as well as make technology available to help create more use cases.
Richer info via metadata
Mastercard’s new feature will use metadata to bring richer information to blockchain transactions, helping define wallet attributes and make sure users carry out transactions as intended, such as supported assets or network type.
Easier ways to share wallet addresses
The protocol will provide easier, more straightforward ways for consumers to share wallet addresses, limiting the risk of errors and improving the consumer experience.
Leveraging CipherTrace to verify addresses
It will use CipherTrace’s service suite, including CipherTrace Traveler, to support compliance with Travel Rule for cross border transactions.
Enabling transfers between North and South America
Mastercard will be assisted by crypto wallet providers Mercado Bitcoin, Uphold, Bit2Me, and Lirium to make transfers between the US and South America possible.
Collaboration with Polygon, Solana to enhance verification
Last but not least, Mastercard will join forces with Polygon Labs, The Solana Foundation, Aptos Labs, and Ava Labs to help bring their new protocol to app developers in the respective ecosystems. They will cooperate to enhance verification in ticketing, NFTs, enterprise and other payments solutions.
