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XRP rival Stellar (XLM) is partnering with Mastercard’s crypto payment solution.
Mastercard Crypto Credential aims to verify interactions between consumers and businesses using blockchain networks.
The product enables payers to send crypto using a recipient’s email address, rather than a long blockchain address.
Stellar and Mastercard are partnering to enable remittances and peer-to-peer transfers by embedding Crypto Credential in the blockchain’s ecosystem, per a new press release.
Explains the Stellar Development Foundation,
“As an extension of the partnership, Mastercard and Stellar will explore how Mastercard’s wide range of services can be leveraged on the Stellar network, opening doors for additional new and innovative applications of blockchain technology.
The partnership will make Mastercard Crypto Credential available for the exchanges and digital asset wallet providers Coins.ph, Mercado Bitcoin and Wirex.
Coins.ph CEO Wei Zhou says the collaboration represents the “perfect fit” for his exchange, which is based in the Philippines.
“In 2023, remittances to the Philippines reached $37.2 billion, highlighting the vast potential to bring millions on-chain — many of whom will experience the benefits of crypto for the first time, starting with fast and low-cost cross-border transactions made possible through our collaboration.”
Mastercard unveiled Crypto Credential in 2023. The payment solution went live with its first peer-to-peer pilot transactions earlier this year.
XLM is trading at $0.0951 at time of writing. The 37th-ranked crypto asset by market cap is up nearly 3% in the past 24 hours.
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