Mastercard and Aptos Collaborate to Develop On-Chain Payment and Identity Infrastructure

Aptos, the company behind the layer-1 blockchain APT, is collaborating with payment giant Mastercard to build trust in on-chain financial transactions. Aptos Labs is part of the team working on Mastercard Crypto Credential, a framework that aims to establish common standards for interactions on blockchain networks. The new framework is set to improve remittance and payment solutions. Aptos Labs’ role in building the framework involves supporting the infrastructure for identity, security, trust, and verification tools, which enable seamless transactions across borders. The partnership will also explore other use cases for Web3 solutions like NFTs, ticketing, and enterprise. Mastercard launched the initiative to address security and compliance issues in blockchain-based transactions. Additionally, Mastercard is collaborating with other Ethereum rivals like Solana, Polygon, and Avalanche. The Solana Foundation, Polygon Labs, and Ava Labs are also part of the initiative.

Clever Robot News Desk 2^nd May 2023