More recently, Mastercard customers can purchase, sell and store cryptocurrency using customized cryptocentric capabilities to increase loyalty and facilitate the issuance of branded cryptocurrency debit cards and credit cards. Mastercard and Bakkt have announced a diversified partnership to make it easier for merchants, banking institutions and fintech companies in America to accept and offer a wide range of cryptocurrency solutions and services. Users will have improved access to the digital asset ecosystem.
Bakkt augments the ecosystem of Mastercard cryptocurrency partners by providing a Crypto-as-a-Service providing easy accessibility to cryptocurrency capabilities. With Mastercard’s reach and scale, and Bakkt’s robust digital asset platform, Mastercard partners can ensure that the highest quality, most feature-rich cryptocurrency solutions are implemented. In particular, these are opportunities for customers to buy, sell and store digital assets using Bakkt-based custodian wallets, as well as the simple issuance of branded cryptocurrency debit and credit cards.
Mastercard is also integrating cryptocurrency into its own loyalty solutions, enabling partners to offer cryptocurrency as a reward and facilitate fungibility between loyalty points and other digital assets. This means that customers can receive and spend payments in cryptographic currency instead of the usual loyalty points and safely use their assets in order to pay for purchases. This is one of the latest actions by Mastercard, aimed at providing customers with new ways to increase loyalty and satisfy their interests as much as possible.
“Mastercard wants to provide a variety of payment solutions that deliver more choice, value and impact every day,” says Sherri Haymond, executive vice president of digital partnerships at Mastercard. “Together with Bakkt and with a personalized approach to new technologies, we will not only enable partners to provide a dynamic mix of digital asset options, but also guarantee a differentiated and rewarding customer experience.”
Customers continue to look for where they can use cryptocurrency for regular purchases. In the Bakkt US Consumer Crypto Survey, out of 2,000 consumers in America, almost 50% of respondents said they bought a cryptocurrency in early 2021, when 32% of those who did not, are either strongly or partially interested in it. In addition, according to the recalculation of new Mastercard payments, 77% of millennials said they were interested in receiving new information about cryptocurrency, and 75% confirmed that they would use cryptocurrency if they knew more about it.
“We are thrilled to be working with Mastercard to deliver cryptocurrency loyalty services to as many customers as possible,” said Nancy Gordon, Executive Vice President, Loyalty Rewards & Payments at Bakkt. “As labels and merchants want to attract younger customers and provide them with more convenience in terms of payments, these innovative offerings will provide an excellent opportunity to meet the current demand for cryptocurrency, improve the convenience of payments and rewards.”
These partnerships are built on the commitment of both businesses to the crypto ecosystem. Bakkt is publicly listed on the NYSE as BKKT on October 18, 2021 as Mastercard is increasingly investing in the digital asset space through selected initiatives, including the purchase of CipherTrace, partnerships with top cryptocurrency companies, creating innovative platforms to test and support central bank digital currencies, and more.
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