Mastercard Taps Polygon To Support Verified Username Transfers For Self-Custody Wallets
Mastercard has chosen Polygon to support a new system allowing users to send crypto to verified usernames instead of long wallet addresses.
The new system aims to reduce transfer errors and make crypto easier for mainstream users.
Mastercard Taps Polygon For New System
Mastercard’s Crypto Credential standardizes blockchain addresses, verifying them using human-readable names that correspond to a verified individual. According to the press release, Mastercard will use Mercuryo, a crypto payment API firm, to support verified username transactions for self-custody wallets. Meanwhile, Polygon’s blockchain will tie the issued names to the user’s on-chain identity.
Mastercard’s approach is similar to how people send money through apps and traditional channels that use usernames instead of complex bank details. It involves issuing each user a unique name that can be connected with their wallet. Users can also request a token on Polygon to show that their wallet supports verified transfers. It also helps apps route credential-based transactions.
Once verified, users can link a self-custody wallet to their username and start receiving assets.
Simplifying Entry Barriers
Long, complicated wallet addresses are often a hindrance when it comes to crypto adoption, becoming a significant barrier for new users. Companies have attempted to address this issue by offering user-friendly options like QR codes and services that replace complex addresses with simple human-readable names or even phone numbers. Raj Dhamodharan, Executive Vice President of Blockchain & Digital Assets at Mastercard, stated,
By streamlining wallet addresses and adding meaningful verification, Mastercard Crypto Credential is building trust in digital token transfers. Bringing Mercuryo and Polygon’s capabilities together with our infrastructure makes digital assets more accessible and reinforces Mastercard’s commitment to delivering secure, intuitive, and scalable blockchain experiences for consumers worldwide.
The Polygon blockchain will help process these transfers at high speed and low cost. According to Mastercard, Polygon can handle high throughput and support real-world payments at scale.
Why Polygon?
Crypto credentials require infrastructure that behaves like a global payments network. Mastercard believes Polygon fits the criteria following the Rio upgrade. The Rio upgrade allowed Polygon to eliminate the risk of reorgs, and introduced stateless validation. This lowers node costs and simplifies building on Polygon. The Rio upgrade, combined with the Heimdall v2 consensus upgrade and higher throughput, will allow Polygon to achieve near-instant finality.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.