Given that trust is built through transparency and accountability, and to support these efforts, Mastercard has established a standard for blockchain-based systems that helps users understand their rights and responsibilities in the system. This standard helps ensure users know who is responsible for each change made to the data stored on the blockchain, as well as how other participants will handle their own personal information.
Mastercard has developed Mastercard Crypto Credential, which will offer a set of common standards and infrastructure to aid in the verification of trusted interactions between customers and businesses using blockchain networks. Since the verification needs of consumers and businesses vary widely across verticals and geographies, Mastercard Crypto Credential can unlock a wide range of use cases.
Launched as an expansion of the Mastercard Artist Accelerator, the Mastercard Music Pass NFT has different verification requirements than Immersve, which allows users to pay for common goods and services with cryptocurrency stored in a Web3 wallet. To put it another way, the authentication standards for sending and receiving digital assets from and to crypto wallets are very different from the verification standards for receiving an NFT.
In February of this year, Immersve, a leader in Web3 technology, announced a partnership with Mastercard to allow users to make in-store, online, and even metaverse purchases with bitcoin stored in their web3 wallet.
Mastercard’s Crypto Credential is a way to verify that a user’s credentials are up to par for the specific Web3 activities they are engaged in. In addition to defining verification standards and levels, Mastercard Crypto Credential will also provide the enabling technologies needed to bring more use cases to reality.
Mastercard is collaborating with crypto wallet providers such as Bit2Me, Lirium, Mercado Bitcoin, and Uphold on an initial initiative to enable transfers between U.S. and Latin American, and Caribbean regions. In addition, the company is collaborating with Ava Labs, Polygon Labs, Aptos Labs, and The Solana Foundation, which will help introduce Mastercard Crypto Credential to application developers in their ecosystems.