Mastercard Partners with Polygon: Verified Usernames for Crypto Wallets

Mastercard has announced a partnership with Polygon Labs and Mercuryo to expand the Mastercard Crypto Credential program to self-custody crypto wallets. The new system will allow users to send cryptocurrency using simple verified usernames instead of long and complex wallet addresses, significantly simplifying the process and reducing errors.

According to the official press release, the Mastercard Crypto Credential system involves creating human-readable aliases linked to verified individuals. Users will be able to link their wallets to unique names after undergoing identity verification through Mercuryo - a company specializing in API for crypto payments. Polygon, as a network with high throughput and low fees, will ensure fast transaction processing, making the system suitable for mass adoption.

"By creating simplified wallet addresses and adding meaningful verification, Mastercard Crypto Credential builds trust in digital token transfers," said Raj Dhamodharan, Executive Vice President of Blockchain and Digital Assets at Mastercard.

"Combining the capabilities of Mercuryo and Polygon with our infrastructure makes digital assets more accessible and underscores Mastercard's commitment to providing secure, intuitive, and scalable blockchain experiences for consumers worldwide"

This initiative aims to overcome barriers associated with the complexity of crypto addresses, similar to existing solutions like Ethereum Name Service (ENS), where users can use readable names, or services based on phone numbers, as in Celo. Mastercard emphasizes that the new system adds a layer of verification, enhancing security and trust, making cryptocurrency closer to traditional payment apps where money is sent by names or phone numbers.

According to independent research, such partnerships reflect the growing interest of traditional financial giants in blockchain. For example, Mastercard has previously integrated crypto features, and Polygon is known for its scalability in real-world payments. News of this partnership has quickly spread on social media, where X users note the potential for mass adoption of crypto.

Although specific launch timelines have not been announced, the system is expected to become available to users soon, contributing to further integration of cryptocurrency into everyday life. This partnership could be a significant step toward simplifying crypto transactions for non-experts, reducing barriers to entry into the digital assets ecosystem.