Mastercard launches support for nicknames instead of long crypto addresses. Now this will also be available in self-custody wallets. Instead of copying strings of characters, users will be able to send funds to simple, verified names.
The first network where this feature will work is Polygon. Identity verification is handled by Mercuryo, which will confirm the data and issue readable identifiers to users. This was stated in the press release.
According to Raj Dhamodharan, Vice President of Mastercard, this system will help make crypto transfers more transparent and secure.
After verification through Mercuryo, the user will be able to link the nickname to their wallet or receive a soulbound token on the Polygon network. It will serve as proof that the address belongs to a specific person.
Mastercard wants to make transfers from self-custody wallets safer and easier
Mastercard wants to rid users of the risk of errors that occur when manually entering complex crypto addresses. Instead, the company offers a clear and familiar format, similar to what has long been used in traditional payment systems. The main thing is that it should be simple, clear, and safe.
Head of Polygon Labs Mark Boiron considers this a real breakthrough. According to him, such a partnership makes transfers from self-custody wallets accessible to a wide audience:
“Now everything works so simply that even a beginner can handle it”.
The first partner of the program is Mercuryo. According to the company, the growing interest in such solutions is due to the demand for convenient crypto services without giving up control over personal assets.
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By 2024–2025, Mastercard has significantly accelerated the development of crypto products. Among the latest initiatives: issuing cards together with Kraken across Europe and launching a project with MetaMask aimed at creating a payment card that supports self-custody.
Mastercard expands Web3 strategy: now you can buy crypto directly via Chainlink
One of the biggest steps Mastercard has taken toward Web3 was in June, when the company partnered with Chainlink. Thanks to this solution, holders of more than three billion cards gained access to direct cryptocurrency purchases in the on-chain environment.
The project is being implemented together with a number of Web3 companies, including Shift4 Payments, Swapper Finance, XSwap and ZeroHash. ZeroHash is responsible for the technical part: liquidity and conversion of fiat currencies into digital assets.
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Chainlink emphasized that the version of the service operating through Swapper Finance is built on a non-custodial model and uses account abstraction technology. This allows users to interact with the platform intuitively, without needing to delve into technical details.
