Mastercard has partnered with Polygon to launch a new system that enables users to send cryptocurrency to verified usernames instead of lengthy public wallet addresses. This innovation aims to make crypto transfers more user-friendly while introducing a robust identity layer for self-custody wallets.
Mastercard Integrates Verified Username System
Using Polygon’s blockchain infrastructure, the Mastercard Crypto Credential service allows users to claim a simple alias that links to their crypto wallet. Crypto API provider Mercuryo is responsible for identity verification and issuing each user a unique, human-readable name after know-your-customer (KYC) checks.
Once verified, users can connect this username to their wallets, enabling friends and businesses to send digital assets without relying on complex hexadecimal strings.
The system also supports the issuance of a “soulbound” token on Polygon, which signals on-chain that a wallet supports credential-based transfers and tracks compliance with standards like the Travel Rule. This credential is securely linked to the verified alias, fostering trust and transparency in peer-to-peer and business transactions.
Users benefit from avoiding transfer errors, which often occur when addresses are mistyped. Instead, the process mirrors sending money via username on mainstream payment apps, eliminating confusion and improving security for all participants.
Industry Context
The choice of Polygon’s high-speed, low-fee blockchain as the inaugural platform for Mastercard’s credential system was due to its mainstream scalability and reliability. The network can process large payment volumes at speed, supporting the type of real-world usage Mastercard envisions.
The partnership validates Polygon’s efforts to expand into institutional finance and payments, following recent collaborations with companies like Calastone and integration into major financial fund infrastructures.
The verified username initiative directly addresses longstanding user experience barriers in the crypto industry. By adding an identity layer while preserving the benefits of self-custody, Mastercard and Polygon hope to accelerate the adoption of blockchain for mass-market payments and remittances. The simplicity of using aliases, coupled with Mercuryo’s compliance features, could help digital assets transition from niche use to everyday financial life.
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