Mastercard has officially extended its innovative Crypto Credential service to the United Arab Emirates (UAE) and Kazakhstan, marking its first venture into the Eastern Europe, Middle East, and Africa (EEMEA) region. This move reflects Mastercard’s ongoing commitment to enhancing trust and usability within the blockchain ecosystem.
The Mastercard Crypto Credential service is designed to simplify the way users interact with cryptocurrencies, replacing complex blockchain addresses with easily identifiable aliases. By leveraging this solution, consumers and businesses can seamlessly send and receive digital assets while benefiting from enhanced security and user experience.
One of the core features of this service is its focus on transaction verification. Before accessing the platform, users must undergo a verification process that aligns with Mastercard’s Crypto Credential standards. Once verified, users are assigned a unique alias, which enables them to transfer funds across participating exchanges without the need for cumbersome blockchain addresses. This alias-based system not only simplifies transactions but also minimizes the risk of errors and potential financial losses.
In practice, the service verifies the recipient’s alias and confirms the compatibility of the selected digital asset and its associated blockchain. Should any inconsistencies be detected during the process, the transaction is immediately halted, ensuring an added layer of protection for users. Initially, the service will focus on peer-to-peer transactions, though Mastercard envisions expanding its capabilities to include non-fungible tokens (NFTs), ticketing, and other innovative payment solutions, depending on market demands and regulatory considerations.
Prominent exchanges in the region, such as ATAIX Eurasia, Intebix, and CoinMENA, as well as digital asset infrastructure provider Fuze, have already partnered with Mastercard to adopt this technology. These collaborations aim to secure blockchain transactions and offer greater confidence to users navigating the digital asset space.
Mastercard’s Crypto Credential has already gained traction in other regions, including North America, Europe, Latin America, and Asia Pacific. In these markets, the service is facilitating both domestic and cross-border digital asset transfers. Select crypto wallet users will have early access to this feature on a first-come, first-serve basis, with broader availability expected in the coming months.
“By bringing Mastercard Crypto Credential to the EEMEA region, we are fulfilling our vision of building trust in blockchain technology while transforming how people engage with digital assets,” said Gaurang Shah, Executive Vice President and Head of Core Payments for Mastercard EEMEA. His statement highlights the company’s dedication to fostering trust and innovation within the rapidly evolving blockchain landscape.
Having debuted in May 2024, Mastercard Crypto Credential continues to pave the way for secure and efficient digital transactions worldwide. Its expansion into the UAE and Kazakhstan represents a significant step toward redefining how consumers and businesses engage with cryptocurrencies, reaffirming Mastercard’s position at the forefront of financial technology innovation.