The solution aims to offer different consumer and business verification needs based on market and compliance requirements.
US payment giant Mastercard has dispatched a new Web3 solution that seeks to bring more trust to blockchain transactions.
Dubbed ‘Mastercard Crypto Credential,’ the offering will establish a set of common standards and infrastructure that will “help attest to trusted interactions among consumers and businesses using blockchain networks.”
Mastercard Crypto Credential
In addition to defining verification standards and levels, Mastercard Crypto Credential will also provide necessary enabling technology to target more use cases.
Mastercard said that the focus will be on providing easy-to-remember, straightforward aliases to help consumers share wallet addresses with one another, ramping up the consumer experience alongside reducing the potential for errors.
Bringing richer information to blockchain transactions through metadata is yet another aspect that the new offering will target, along with defining attributes of a wallet to help ensure that transactions are completed as intended.
Additionally, the company has tapped into CipherTrace’s suite of services to verify addresses and support Travel Rule compliance for cross-border transactions.
For this initiative, the company has teamed up with prominent blockchain entities such as Aptos Labs, Ava Labs, Polygon Labs, and The Solana Foundation. These partners are tasked with assisting the company in bringing Mastercard Crypto Credential to the application developers in their ecosystems.
The collaboration aims to enhance verification in NFTs, ticketing, enterprise, and other payment solutions.