Last Updated on May 18, 2023
Quick take:
- Mastercard is creating a web3 identity solution for apps.
- Mastercard Crypto Credentials will be applicable on payments, remittances, ticketing and NFTs.
- The identity and verification framework is created in collaboration with Aptos Labs and other web3 partners.
Mastercard is expanding its foray into web3 with a new on-chain identity and verification framework developed to be used across a variety of applications.
The global payments giant has teamed up with Aptos Labs and other web3 partners to create a solution that could be used to securely verify transactions in payments, remittances, ticketing and non-fungible tokens (NFTs), among others.
Mastercard Crypto Credentials framework is created to build trust between web2, web3 and businesses, bringing the benefits of decentralisation to the masses.
Commenting on his company’s role in developing the framework, Mo Shaikh, Co-Founder and CEO of Aptos Labs said: “Our partnership with Mastercard aligns with our founding mission to provide trusted interactions on-chain, and we look forward to jointly advancing an identity framework that will help Web3 developers and people around the world.”
Aptos is one of the earliest blockchains to be included in the list of blockchains that will support Mastercard’s identity and authentication framework for sending and receiving funds through web3.
According to the announcement, the two companies will explore how to expand the utility of identity-oriented Web3 solutions use cases like NFTs, ticketing, enterprise, and payments. This supports Shaikh’s recent statement regarding the future of web3 and what his company is building.
In a blog post penned for CrunchBase, Shaikh explained why web3 is more than just crypto and the important role the big tech companies have to play for the mass adoption of the next iteration of the internet. With this partnership, Mastercard is fulfilling one of those roles.
Aptos Labs and Mastercard are looking to expand beyond P2P and remittances in the US, Latin America and the Caribbean countries with the goal of integrating with every form of digital payment available.
The two companies expect “Mastercard Crypto Credential will allow companies, developers, and individuals to realize the full potential of powering payments, commerce, and economic value on-chain and across borders.”
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