In recent news, Mastercard has signed a deal with a cryptocurrency firm called ‘Bakkt’ to ensure that crypto options are available to merchants across its payments network.
Through this service, banks will be able to provide cryptocurrency rewards on credit and debit cards. This can come in the form of reward points on numerous purchases which would be paid out in cryptocurrency. Consumers will be then able to convert their crypto holdings to pay for purchases and hold digital assets through Bakkt’s platform.
In a nutshell, consumers will be able to make transactions through cryptocurrency. Mastercard’s deal with Bakkt will expand soon expand to more than 22,000 banks and financial institutions across the globe.
According to Sherri Haymond, Executive Vice President of Digital Partnerships at Mastercard:
“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.”