Newcomers to digital assets often struggle to use wallet addresses, which are long, complex and easy to confuse. This difficulty can make even simple transactions risky. To address this, Mastercard is strengthening its Crypto Credential program so that self-directed wallet holders can use short, verified aliases rather than an unreadable string of characters. The objective: to simplify transfers while reducing sending errors.
In brief
- Mastercard uses Polygon to replace long wallet addresses with short, verified aliases.
- Polygon was chosen for its architecture designed for payments: fast, affordable and adapted to fluid transactions.
- Users can obtain a soulbound token on Polygon to certify ownership of a wallet.
Mastercard simplifies wallet addresses
According to Mastercard, the Crypto Credential framework allows a blockchain address to be clearly verified through simple identifiers, associated with authenticated individuals. Thus, the user no longer has to copy and paste a long sequence of characters, but can rely on a name linked to a confirmed wallet. The operation is similar to classic payment applications, where a simple username is enough to send money.
To deploy this system, Polygon will be the first blockchain used. The network was selected for its specialization in payments, its very low fees and its rapid settlement. User verification andattribution of aliases are entrusted to Mercuryo. Once the process is complete, the alias is associated with the user's self-managed wallet, making transactions simpler and more reliable. This can also receive a soulbound token on Polygon, certifying that the wallet belongs to a verified person.
Improved experience and confidence in crypto transfers
Raj Dhamodharan, Mastercard's executive vice president of blockchain and digital assets, says the goal is to increase trust in crypto transfers by making wallet identification clearer and intuitive. According to him, “Bringing together the capabilities of Mercuryo and Polygon with our infrastructure makes digital assets more accessible and reinforces Mastercard’s commitment to providing secure, intuitive and scalable blockchain experiences for consumers around the world.” »
In this continuity, Marc Boiron, CEO of Polygon Labs, emphasizes that this partnership also facilitates the use of self-managed wallets on a daily basis. This advancement reduces the friction of managing a crypto wallet and encourages more users to maintain direct control of their assets on the blockchain.
Mastercard's broader crypto business
Mastercard is gradually expanding its presence in the digital asset ecosystem. In June, the group partnered with Chainlink to allow cardholders to purchase cryptos directly on-chain. This device allows the conversion of fiat currency into digital assets via a secure process, strengthening buyer confidence.
Earlier, in May, Mastercard also entered into a partnership with MoonPay. This paves the way for the acceptance of stablecoin payments from more than 150 million merchants worldwide. Crypto wallet users can access virtual Mastercards transacting stablecoins, allowing them to spend digital currencies with traditional merchants.
Maximize your Tremplin.io experience with our 'Read to Earn' program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
