Mastercard has 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. This solution is designed to simplify blockchain transactions and instill greater trust in cryptocurrency exchanges.
Simplifying Blockchain Transactions
The Mastercard Crypto Credential solution enables users to send and receive cryptocurrencies using simple aliases instead of complex blockchain addresses. This streamlined approach is made possible through partnerships with leading regional crypto exchanges, including ATAIX Eurasia, Intebix, and CoinMENA, alongside digital asset infrastructure provider Fuze.
The solution enhances transaction security by verifying that users meet a set of verification standards and ensuring that recipients’ wallets support the transferred assets.
Advancing Trust in the Crypto Ecosystem
According to Gaurang Shah, Executive Vice President and Head of Core Payments for EEMEA at Mastercard, “We’re delivering on our vision to increase and instill trust in blockchain technology while transforming the way people interact with digital assets.”
Although the initial focus is on peer-to-peer transactions, Mastercard envisions expanding the applications of Crypto Credential to include NFTs, ticketing, and other payment solutions, depending on market needs and compliance requirements.
Regional Expansion and Future Plans
The UAE and Kazakhstan join other markets across North America, Europe, Latin America, and Asia-Pacific where Mastercard Crypto Credential has been activated. Selected crypto wallet users in the region will be the first to leverage this innovative solution, with wider availability set to roll out over the coming months.
This expansion reaffirms Mastercard’s commitment to simplifying crypto transactions and fostering trust in blockchain technology as the industry continues to evolve.
