The Mastercard Crypto Credential service facilitates the verification of transactions among consumers and businesses using blockchain networks. Credit: Diego Thomazini/ Shutterstock.

Mastercard has expanded its Mastercard Crypto Credential service to the UAE and Kazakhstan. 

With this move, the company has made its entry into the Eastern Europe, Middle East and Africa (EEMEA) region.  

This solution is said to simplify consumer experience for crypto exchange users, allowing them to send and receive cryptocurrencies using aliases instead of blockchain addresses. 

The Mastercard Crypto Credential service facilitates the verification of transactions among consumers and businesses using blockchain networks.  

This expansion will enable exchanges such as ATAIX Eurasia, Intebix, and CoinMENA, as well as digital asset infrastructure provider Fuze to secure blockchain transactions for users in the region.  

The service works by first verifying the user under the Mastercard Crypto Credential standards.  

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Once verified, the user is assigned an alias to send and receive funds across all supported exchanges. 

When initiating a transfer, the solution verifies the recipient’s alias and confirms the support of the digital asset and associated blockchain. If any discrepancies arise, the transaction is halted, protecting users from potential loss.  

It will initially focus on peer-to-peer transactions, with future capabilities potentially including NFTs, ticketing, and other payment solutions, subject to market and compliance requirements. 

The solution is already active in North America, Europe, Latin America, and Asia Pacific, where it is already facilitating cross-border and domestic digital asset transfers.  

A select group of crypto wallet users will have early access to the service on a “first-come, first-serve basis”, with wider availability expected to roll out across participating exchanges in the coming months. 

Mastercard  EEMEA Core Payments head and executive vice president Gaurang Shah said: “In bringing Mastercard Crypto Credential to the EEMEA region, we’re delivering on our vision to increase and instill trust in blockchain technology while also transforming the way that people interact with digital assets.”  

Mastercard Crypto Credential went live in May 2024.