On April 29, the second largest payment platform, Mastercard, launched a new crypto credential platform. Mastercard Crypto Credential’s platform aims to support the customer to comply with the verification requirements.
The developers of Mastercard’s new products confirmed utilizing emerging technologies to mitigate cases of crypto exploits. In their report, the payment platform outlined the features of Mastercard Crypto Credential.
Features of Mastercard Crypto Credential
During the launch, the Mastercard team confirmed that the users would receive an innovative digital identifier to expedite the verification process. The developers were pleased to announce that the identifier ‘s code will be utilized to confirm the user’s addresses.
At the primary verification stage, the Mastercard Crypto Credential system will evaluate whether the user conforms to company compliance requirements. Reviewing Mastercard’s latest development, the new products have integrated metadata which supports the user to uphold compliance.
According to the report, the payment company leveraged their expertise and infrastructure to develop a secure platform to safeguard users from malicious attacks. Also, the security protocols implemented on the Mastercard Crypto Credential will ensure the customers locked assets are safe.
In addition, the security measures adopted by Mastercard will block any suspicious activity on the platform. The team affirmed to continuously assess the system to identify any vulnerability that could lead to the loss of unique identifiers.
However, in a scenario whereby the attacker excels in breaching Mastercard security protocol, the new verification system will notify the technical team.
Mastercard’s Development in Crypto
Speaking at the Consensus 2023, Mastercard’s head of digital assets, Raj Dhamodharan, confirmed that the new platform supports compliance with the Financial Action Task Force (FATF). He stated that Mastercard’s latest development aims at eliminating exchange complexity between countries.
Besides the cross-border challenges, Dhamodharan stated that the developers of the new platform utilized emerging technologies to support compliance with the FATF regulations, dubbed as the travel rule.
Citing the travel rule requirements, for any transaction amounting to $1000, the sender and receiver must disclose vital information to the virtual assets service providers.
Dhamodharan confirmed that development of the new platform involved leading tech and crypto firms, including Mercado Bitcoin, Avalanche, Lirium, Aptos, Polygon and Bit2Me, to pursue suitable solutions for user verification. Additionally, at the initial development stage of Mastercard Crypto Credential, the developers sought technical solutions from Uphold, Solana and Cipher Trace.
In 2021 Mastercard sealed a merger and acquisition deal with Cipher Trace. The acquisition agreement allowed Mastercards to utilize Cipher proprietary tools such as CipherTrace Traveler.
Mastercard Reveals Next Move
Cypher technologies were adopted to assist the execution of address verification and enable the user to engage in cross-border transactions compliantly. After the successful launch, the Mastercard team, in collaboration with business partners, planned to test the new product in the US, America and the Caribbean.
Over the past few years, the Mastercard group have actively participated towards developing the crypto industry. Recently Mastercard collaborated with Polygon Networks to develop a non-fungible token (NFT) for musicians. The NFT provided the holder with exceptional tools in artificial intelligence (AI) and other emerging technologies.
The race to dominate the digital payment sector has prompted Visa to replicate Mastercard’s strategic action. A few days ago, the Visa team announced plans to launch a stablecoin that will be utilized to settle payments.
In the meantime, the Visa group is seeking to recruit candidates with vast experience in Web3, cryptos and blockchain.
