Mastercard ( MA ) has chosen Polygon to operate a new system that lets people send crypto to verified usernames instead of long wallet addresses, the companies said Tuesday.
Mastercard Crypto Credential standardizes how blockchain addresses are verified by enabling human-readable aliases that correspond to a verified individual, the company said in an emailed press release.
Mercuryo, a crypto payment API company, will perform identity verification and issue the aliases that users can then link to their self-managed wallets.
The approach, which mirrors how people send money through apps that use usernames instead of bank details, involves issuing users a unique name that they can link to their wallet. They can also request a token on Polygon that shows their wallet supports verified transfers and helps apps route credential-based transactions.
The long, complex nature of crypto wallet addresses can prove a barrier to entry for new users, which companies have tried to tackle with more user-friendly options like QR codes or services that replace complex strings with simple, readable names or even phone numbers.
“By streamlining wallet addresses and adding meaningful verification, the Mastercard Crypto Credential builds trust in digital token transfers,” said Raj Dhamodharan, Executive Vice President of Blockchain & Digital Assets at Mastercard. “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 to consumers around the world.”
Polygon’s network will process these transfers quickly and with low fees. Mastercard said the network can handle high throughput capable of supporting real-world payments at scale.
