Payments giant Mastercard has announced that it is working on a new set of Mastercard Crypto Credential standards with Aptos Labs, Ava Labs, Polygon and the Solana Foundation.
The main goal of the initiative is to strengthen the trust of consumers, businesses and governments in this sector.
“Building trust in the blockchain ecosystem is the most important step towards realizing its full potential,” said Raj Damodharan, Executive Vice President of Digital Assets at Mastercard. “A new set of standards ensures that those interested in interacting in the Web3 environment meet certain standards for the activities they want to do.“
The Mastercard Crypto Credential aims to create a set of common standards and infrastructure that will help validate the trustworthiness of interactions between consumers and businesses using the blockchain.
While Aptos Labs, Polygon, Ava Labs, and Solana will help bring the standards to app developers in their ecosystems, wallet providers Bit2Me, Lirium, Mercado Bitcoin, and Uphold will begin using new tools as part of an initial project to enable cross-border transfers between the U.S. and Latin countries America and the Caribbean.
“Together we will work together to improve verification in NFT, ticketing, corporate and other payment solutions,” said Dhamodharan.
Mastercard’s latest statement confirms further plans to expand the company’s presence on the Web3. But this is not Mastercard’s first step towards the digital world. In December 2022, it partnered with Coinbase and launched an NFT debit card, and a few months before that, it launched cryptocurrency-linked payment cards with BitOasis. In 2023, Mastercard began working on the same tasks with Binance and Bybit.