Mastercard (MA) has chosen Polygon to power a new system that will allow people to 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 payments API company, will perform the identity verification and issue the aliases, which users can then link to their self-managed wallets.
The approach, which mirrors how people send money through apps that use usernames instead of banking details, involves giving users a unique name that they can link to their wallet. They can also request a token on Polygon, proving that their wallet supports authenticated transfers and helps apps route credential-based transactions.
The long, complex nature of crypto wallet addresses can pose a barrier to entry for new users, which companies have tried to address 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 authentication, Mastercard Crypto Credential builds trust in digital token transfers,” said Raj Dhamodharan, Executive Vice President of Blockchain & Digital Assets at Mastercard. “Bringing together the capabilities of Mercuryo and Polygon with our infrastructure makes digital assets more accessible and reinforces Mastercard’s commitment to delivering secure, intuitive and scalable blockchain experiences for consumers around the world.”
Polygon’s network processes these transfers quickly and at low costs. Mastercard said the network can handle high throughput and is capable of supporting real-world payments at scale.