Mastercard announced the expansion of its innovative Mastercard Crypto Credential solution to the UAE and Kazakhstan, marking its debut in the Eastern Europe, Middle East and Africa (EEMEA) region.
Mastercard Crypto Credential simplifies the consumer experience allowing crypto exchange users to send and receive cryptocurrencies using simple aliases instead of complex blockchain addresses.
This is facilitated through Mastercard’s partnerships with key exchanges and providers in the region.
It also helps verify transactions among consumers and businesses using blockchain networks, providing the assurance that a user has met a set of verification standards and confirming that the recipient’s wallet supports the transferred asset.
This latest expansion will enable exchanges such as ATAIX Eurasia, Intebix, and CoinMENA, as well as Fuze, one of the leading digital asset infrastructure providers, to simplify and secure blockchain transactions for users in the region.
“As the cryptocurrency landscape continues to mature, we’ve been laser-focused on developing innovative services and capabilities that help make crypto more accessible and secure, streamline the transaction process and enhance trust in the ecosystem,” said Gaurang Shah, Executive Vice President, Head of Core Payments, EEMEA, Mastercard.
“In bringing Mastercard Crypto Credential to the EEMEA region, we’re delivering on our vision to increase and instil trust in blockchain technology while also transforming the way that people interact with digital assets,” he said.
While the pilot will initially focus on facilitating peer-to-peer transactions, the potential applications of Crypto Credential are expansive, with future capabilities to include NFTs, ticketing, and other innovative payment solutions, depending on market and compliance requirements.
The UAE and Kazakhstan are joining previously activated markets in North America, Europe, Latin America, and Asia Pacific where users can send cross-border and domestic digital asset transfers within and between the regions across multiple blockchains and assets.
A select group of crypto wallet users will leverage Mastercard Crypto Credential on a first-come, first-serve basis.
Wider availability will roll out across the participating exchanges over the coming months.
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