Mastercard recently announced it has taken its innovative Mastercard Crypto Credential solution to the United Arab Emirates and Kazakhstan.
The United States-headquartered giant’s technology will significantly improve how users in these countries hold and use digital assets.
What makes the Mastercard Crypto Credential special is that it simplifies the process of sending and receiving cryptocurrencies.
Crypto users often have to remember very long and complex blockchain addresses. However, with the Mastercard Crypto Credential, they can utilise aliases.
This user-friendly approach works thanks to lucrative partnerships with crypto exchanges ATAIX Eurasia, Intebix and CoinMENA, alongside digital asset infrastructure provider Fuze.
Let’s see how the strategic move of Mastercard in UAE will make an impact!
Introducing the Mastercard Crypto Credential
The Mastercard Crypto Credential prioritises security and trust. It meticulously verifies user identities and ensures transactions are conducted between compatible digital wallets.
The thorough vetting process gives users a greater degree of confidence while minimising the risk of fraud or accidental losses.
The process for using the product is straightforward. Users must undergo a verification that follows the highest standards of Mastercard Crypto Credential.
Once users have been successfully verified, they receive an alias. When they perform a transaction, the system confirms the alias and ensures the wallet is compatible with the specific cryptocurrency and blockchain at the other end.
This validation step is crucial for the entire set-up as it protects data. It also prevents transactions from going into unsupported wallets and mitigates the risk of potential losses.
Potential Impact on the iGaming sector in the UAE
The Mastercard Crypto Credential will potentially have massive implications for numerous industries, including the UAE’s budding iGaming sector.
The Emirates recently ratified plans to establish a regulatory framework for the gambling market, and Mastercard can play a massive role in its success with their solution.
Allowing users to perform seamless and secure crypto transactions will improve the experience and attract more players, especially those already comfortable with digital currencies.
The convenience eliminates the need for all the technical hurdles that might deter players from using crypto-based iGaming platforms.
Mastercard’s solution will also make payments faster. Crypto transactions are renowned for their speed, with faster processing times than traditional banks.
This means players can get their payouts faster. Operators of iGaming platforms also benefit from more cost-efficient operations.
Simplifying crypto transactions through aliases will allow iGaming to reach an even bigger portion of the population. The democratisation of access can drive growth in the industry.
The Mastercard solution can help iGaming operators navigate the regulatory guidelines around cryptocurrency transactions.
The standards operators already must maintain under Mastercard can be used to demonstrate compliance with relevant regulations while bolstering their solid reputation in the industry.
Many of the reputable iGaming platforms listed on https://www.casino.com/ae/en/ will utilise the Mastercard Crypto Credential to make their operations more efficient.
Crypto Credential’s verification process will make payment transactions safer for operators and players, building more trust within the iGaming ecosystem.
A Vision for the Future
Mastercard’s initial focus will be on facilitating peer-to-peer transactions, but the company envisions more than that for the Crypto Credential.
There are plans to explore how they can integrate technology such as non-fungible tokens, ticketing and other exciting payment solutions.
However, bringing these lofty dreams to reality will depend on market demand for the technology and how the regulatory scene evolves in the future.
The Mastercard Crypto Credential has already drawn enthusiastic support from several key financial players in the region.
These relationships will strengthen the legal and accessible cryptocurrency infrastructure in the UAE while advancing secure, efficient and inclusive digital asset transactions.
The collaboration will bolster the user-friendliness of digital assets and build trust for individuals transitioning from traditional finance.
