Mastercard Partners with Polygon to Build New Cryptocurrency Transfer System

On November 18th, as per Coindesk, Mastercard has selected Polygon to establish a new encrypted transfer system. This system enables cryptocurrency transfers by using a readable username rather than complex wallet addresses. According to a press release from Mastercard, its "Cryptographic Proof" technology has standardized blockchain address verification. It achieves this by creating human-readable aliases for verified users. The encrypted payment API company Mercuryo will be in charge of identity verification and alias issuance, allowing users to bind these aliases to their self-hosted wallets. This model emulates the operation logic of applications that utilize usernames instead of bank account information for transfers. In such applications, the system assigns a unique name that can be linked to a wallet for users. Users can also apply to generate credential tokens on Polygon, indicating support for wallet verification during transfers and assisting applications in completing credential-based transaction routing.