Mastercard has launched its Crypto Credential solution in the United Arab Emirates (UAE) and Kazakhstan, marking its entry into the Eastern Europe, Middle East, and Africa region.
According to the press release, this will help make crypto transactions easier by allowing users to send and receive money using simple names instead of long blockchain wallet addresses. It confirms the identities of both the sender and the receiver. After a user is verified, they get a special name to help make transfers safe.
The system also checks if the wallets can work together before finishing any transaction, which lowers the chance of mistakes or losing money.
Gaurang Shah, Mastercard’s Executive Vice President and Head of Core Payments for EEMEA, emphasized the significance of the program.
“As the cryptocurrency landscape continues to mature, we’ve been laser-focused on developing innovative services and capabilities that help make crypto more accessible and secure,” Shah said. “In bringing Mastercard Crypto Credential to the EEMEA region, we’re delivering on our vision to increase and instil trust in blockchain technology.”
Some companies in the crypto industry, like CoinMENA, ATAIX Eurasia, Intebix, and Fuze, are already working together with Mastercard to start this initiative in the area.
Fuze CEO Mo Ali Yusuf said, “This partnership not only strengthens our commitment to supporting banks and fintechs in adopting crypto solutions but also marks a significant step in building trust and enhancing reliability within the evolving crypto landscape.”
Although it all starts with peer-to-peer transfers, the system can be applied to other use cases, such as NFT purchases, ticketing, and other blockchain-based services. Mastercard said the program will gradually scale up in the future, including adding businesses and individuals to the user base.
UAE and Kazakhstan is joining North America, Europe, Asia Pacific, and Latin America, some of the markets in which Mastercard Crypto Credential has already been launched.
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