- CNBC has reported that Mastercard is preparing to roll out crypto services to banks and merchants in its network.
- The crypto product offering includes wallets, cards and reward points that can be converted into Bitcoin.
- Mastercard has partnered with Bakkt, a leading crypto exchange, to power crypto custodial services and transactions.
Mastercard has partnered with crypto exchange Bakkt to offer crypto denominated credit and debit cards, as well as other services such as crypto reward points to banks and merchants in the payment giant’s network.
Merchants to offer crypto rewards and services through Mastercard-Bakkt partnership
The partnership will enable banks and businesses to issue consumers their own branded debit and credit cards, funded using either cryptocurrencies through the Bakkt exchange or via fiat-based sources. Bakkt cardholders will also be able to make purchases at merchants in Mastercard’s network.
Mastercard plans to integrate crypto in its loyalty solutions and increase fungibility between loyalty points and other digital assets. Consumers can earn and spend rewards in crypto and pay for their purchases without the hassle of converting cryptocurrencies to fiat.
Mastercard’s latest move makes its partner network inclusive for crypto traders and holders.
Sherri Haymond, executive Vice President, Digital Partnerships at Mastercard, commented on the payments giant’s latest offering,
Mastercard is committed to offering a wide range of payment solutions that deliver more choice, value and impact every day. 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.
Bakkt recently surveyed US consumers and found that 1 out of 2000 consumers reported that they had purchased crypto in the first half of 2021. Yet, 32% of the survey respondents stated that they are interested in purchasing crypto before the end of the year.
Nancy Gordon, EVP, Loyalty Rewards & Payments at Bakkt said,
We’re incredibly excited to partner with Mastercard to bring crypto loyalty services to millions of consumers. As brands and merchants look to appeal to younger consumers and their transaction preferences, these new offerings represent a unique opportunity to satisfy the increasing demand for crypto, payment and rewards flexibility.
The key driver of Bitcoin’s current bull run is the approval of ProShares ETF. Mastercard’s latest crypto offering is slated to be the second key trigger for the BTC price rally in 2021.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?