Mastercard has announced a partnership with Bakkt, a cryptocurrency firm, to ensure that crypto alternatives are available to retailers across its payments network.
Bakkt is a digital assets platform focused on unlocking and reimagining the value of digital assets like cryptocurrency, gift cards, loyalty points, and rewards.
On Monday, October 25, 2021, MasterCard announced a multifaceted partnership with Bakkt to expand consumer access to digital asset ecosystems.
Banks will be able to provide bitcoin rewards on credit and debit cards using this service. This might take the shape of reward points earned on a variety of purchases that are then paid out in cryptocurrency. Consumers will be able to use Bakkt’s platform to convert their crypto holdings to pay for products and hold digital assets.
In an essence, cryptocurrency will allow customers to do transactions and the partnership between Mastercard and Bakkt will soon reach over 22,000 banks and financial institutions around the world.
“Together with Bakkt and grounded by our principled approach to innovation, we’ll not only empower our partners to offer a dynamic mix of digital assets options, but also deliver differentiated and relevant consumer experiences,” says Sherri Haymond, Executive Vice President of Digital Partnerships at Mastercard.
“We want to offer all of our partners the ability to more easily add crypto services to whatever it is they’re doing,” Sherri Haymond, Mastercard’s executive vice president of digital partnerships, said in an interview with CNBC.
“Our partners, be they banks, fintechs or merchants, can offer their customers the ability to buy, sell and hold cryptocurrency through an integration with the Baktt platform.”