The companies Mastercard and Bakkt signed an agreement to integrate payments in cryptocurrencies, allowing the clients of the network to buy, sell and hold digital currencies in the Bakk wallet. Thus, the users of the platform have the possibility to “earn, spend and reward” in cryptocurrencies with “credit and debit cards and through loyalty programs.”
Sherri Haymond, executive vice president of digital partnerships at Mastercard, pointed out that the company wants to provide its customers with the ease of encryption services, which is why all partners, banks, merchants or fintechs, can now “buy, sell and hold cryptocurrencies through an integration with the Baktt platform already have the possibility.”
With this alliance, banks will be able to keep their clients with their respective capital and avoid migration or exchanges to cryptocurrencies. It is important to note that the integration takes place after the Bakkt platform began its listing on the New York Stock Exchange.
The integration of crypto services and the Mastercard network could become a link to bring the crypto market closer to the traditional payments industry and thus bridge the gap between traditional and cryptocurrency payments. It could also impact the way US investors use their crypto assets and attract new customers.
Nancy Gordon, Executive Vice President of Payments and Loyalty Rewards at Bakkt, said: “As brands and merchants seek to appeal to younger consumers and their transaction preferences, these new offerings represent a unique opportunity to meet growing demand. of flexibility of cryptography, payments and rewards.”
The measure will also make it easier for merchants, and restaurants in particular, to design reward strategies where the traditional points offered to their customers for acquiring their products and services can be exchanged for crypto, minimizing barriers to entry into the digital industry.