Mastercard (MA) has chosen Polygon to power a new system that allows people to send cryptocurrency to verified usernames instead of long wallet addresses, the companies said Tuesday.
Mastercard Crypto Credential standardizes how blockchain addresses are verified by allowing human-readable aliases that correspond to a verified person, the company said in an emailed press release.
Mercuryo, a crypto payments API company, will perform the identity verification and issue the aliases, which users can then link to their self-custody wallets.
The approach, which mirrors how people send money through apps that use usernames rather than bank details, involves giving users a unique name that they can connect to their wallet. They can also request a token on Polygon that shows that their wallet supports verified transfers and helps applications route credential-based transactions.
The long and complex nature of crypto wallet addresses can prove to be a barrier to entry for new users, which companies have attempted to address with easier-to-use options such as QR codes or services that replace complex strings with simple, readable names or even phone numbers.
“By streamlining wallet addresses and adding meaningful verification, Mastercard Crypto Credential is building trust in digital token transfers,” said Raj Dhamodharan, executive vice president of Blockchain and Digital Assets at Mastercard. “Bringing together the capabilities of Mercuryo and Polygon with our infrastructure makes digital assets more accessible and reinforces Mastercard’s commitment to delivering secure, intuitive and scalable blockchain experiences to consumers around the world.”
The Polygon network will process these transfers quickly and with low fees. Mastercard said the network can handle high performance capable of supporting real-world payments at scale.
