Mastercard launches live P2P pilot program to showcase its expertise in cryptocurrencies

Mastercard has introduced a pilot program called crypto credentials P2P to simplify cryptocurrency transactions and eliminate user errors. The program involves collaboration with exchange partners Bit2Me, Lirium, Mercado, and wallet provider FoxBit. Walter Pimenta, Mastercard’s executive vice president for product and engineering for Latin America, explained that the system assigns user-friendly aliases to individuals, eliminating the need for long and complicated wallet addresses. Moreover, the program aims to prevent financial losses by screening transactions and preventing the sending of incompatible crypto assets. However, there are concerns about centralization as the program relies on Mastercard as an intermediary for verification and transaction screening, raising security concerns due to the company’s history of data breaches.