Mastercard Partners with Polygon for New Crypto Transfer System

According to BlockBeats, Mastercard has selected Polygon to develop a new cryptocurrency transfer system that replaces complex wallet addresses with readable usernames. In a press release, Mastercard introduced its 'Crypto Credential' technology, which standardizes blockchain address verification by creating human-readable aliases for verified users. The crypto payment API company Mercuryo will handle identity verification and alias issuance, allowing users to link these aliases to self-custody wallets. This system mimics the operational logic of applications that use usernames instead of bank account information for transfers. Users will be assigned a unique name that can be linked to their wallets. Additionally, users can request to generate credential tokens on Polygon, which not only demonstrate their wallet's support for verified transfers but also assist applications in completing credential-based transaction routing.