Mastercard & Bakkt Set to Offer Crypto Integration for Banks

2021-10-26 22:30

Mastercard will partner with recently-listed Bakkt’s custodial services to offer banks and merchants crypto wallets, credit cards, and loyalty rewards programs.

Mastercard, one of the dominant global payments networks, has responded to its clients’ requests to help in providing crypto services to end-users. This comes as bitcoin hits an all-time high of over $60,000 and as the first bitcoin futures ETF is recently listed on the NYSE. At this point in history, interest in bitcoin is booming, and the 20000 plus Mastercard partners want to get in on the act.

Instead of dollars moving into crypto exchanges, banks would like to keep clients on their own platforms. Mastercard is partnering with the recently listed Bakkt to offer crypto wallets, credit and debit cards that earn spendable crypto rewards to its clients. According to Sherri Haymond, executive vice president of digital assets, Mastercard wants to make it easier to offer all their partners’ crypto service integration. Bakkt’s B2B2C business model enables its platform to be integrated into its partners’ platforms and channels.

Fungible loyalty rewards

Mr. Gavin Michael, the CEO of Bakkt says that merchants and restaurants can offer rewards in bitcoin, by having a scale that links the points they award to customers with a certain allocation of crypto. This prevents the situation where a customer shops at merchant X, accrues Y points, which sit idly in a rewards card, waiting for the next purchase. Now, the rewards become fungible, and can be redeemed almost anywhere.

Bakkt launched a digital wallet app in the first quarter of 2021.  Companies like BestBuy, Choice Hotels, and Starbucks have made their loyalty programs compatible with Bakkt, and Doordash, Xbox, and Home Depot allow their gift cards to be uploaded to the platform.

Bakkt set to expand its user base

Michael has said that securing partnerships were a key part of the roadmap for the company, following the public listing. Mastercard is the latest partner to come on board. Michael has said that Bakkt’s ambition is to expand its user base to 31 million by 2025. Recently, Bakkt partnered with Google, to allow Bakkt’s Visa debit card to be used to pay with bitcoin at merchants accepting Google Pay. The company announced a partnership with Finastra to enable crypto trading for community banks and credit unions.

What do you think about this subject? Write to us and tell us!

The post Mastercard & Bakkt Set to Offer Crypto Integration for Banks appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0095806 (-100%)

crypto mastercard offer banks bakkt integration set

crypto mastercard → Результатов: 126


Binance расширила список фиатных валют для покупки биткоина с помощью карт

Криптовалютная биржа Binance добавила поддержку прямой покупки криптовалюты c помощью карт Visa и MasterCard через платежный процессор Simplex. Список включает фиатные деньги 15 стран. #Binance Adds Support for Purchasing #Crypto With 15 Additional Fiat Currencies Via @SimplexCC https://t.

2020-2-14 17:14


Revolut Crypto Fintech Firm and MasterCard Partner to Launch Debit Card in the US

Revolut, a Fintech firm launched back in 2015 as an alternate to the existing banking sector and later started offering cryptocurrency exchange has announced its partnership with MasterCard. The partnership announced on 22nd October through a press release revealed that Revolut would launch debit card by the end of the year. The strategic partnership with […]

2019-10-22 22:40


Libra associates got concerned and dropped out: Secretary Steven Mnuchin

Facebook’s Libra initiative hit another roadblock prior launch after Libra associate companies including MasterCard, Visa and Stripe announced dropping out on October 9. While the decision was made after two Democratic Senators asked the the three banking giants to rethink their stance on Libra, speculation around the Senators’ being a threat clouded the crypto ecosystem.

2019-10-15 21:00


As Payment Firms Abandon the Libra Association, Who’s Next to Go?

Following last week’s news that PayPal was backing out of the Libra Association, almost all of the payment firms initially linked to the project have now announced their departure. Over the weekend, news emerged that Stripe, Visa, Mastercard, Mercado Pago, and eBay have all abandoned Facebook’s beleaguered cryptocurrency, striking a blow to Mark Zuckerberg’s plans […] The post As Payment Firms Abandon the Libra Association, Who’s Next to Go? appeared first on Crypto Briefing.

2019-10-14 17:52


Криптомир за неделю: Иск против Bitfinex и Tether, Telegram против SEC и выход компаний из проекта Libra

В конце недели мы подводим итоги того, о чём писали эти семь дней, и собираем всё, что актуально для поклонников криптовалют и децентрализованных технологий. На этой неделе компании Visa, MasterCard, Stripe и EBay вышли из проекта Libra, в окружной суд Нью-Йорка был подан коллективный иск против Bitfinex, Tether, Crypto Capital и их нынешних руководителей о […]

2019-10-13 14:10


Facebook Crypto Libra Crumbling as Visa, Mastercard Consider Quits: Report

Facebook’s cryptocurrency Libra has been in hot water ever since the social media giant released the whitepaper earlier this year. Central banks and governments across the globe have put together a concerted effort against Libra, putting Facebook executives in the dock time and again as they fear that the social media giant is out to […] The post Facebook Crypto Libra Crumbling as Visa, Mastercard Consider Quits: Report appeared first on CCN.com

2019-10-2 11:06


Binance Exchange Users Can Now Buy 5 Cryptos Using Debit Or Credit Cards via Koinal Partnership

The users of the largest crypto exchange Binance can now buy five cryptocurrencies through their debit or credit cards. The payment processing will be done by Koinal. Through a blog post, the crypto exchange stated that its customers can purchase five major cryptocurrencies using either Visa or MasterCard debit as well as credit cards. Through […]

2019-9-26 23:29


Binance добавила еще один способ внесения депозитов с банковских карт

Криптовалютная биржа Binance добавила еще один платежный канал для покупки криптовалют с помощью банковских карт Visa и Mastercard. #Binance Adds Support for Koinal — Buy Crypto With Debit and Credit Cardshttps://t.

2019-9-26 19:08


Crypto Exchange Globitex To Participate In Mastercard’s Lighthouse Development Program (LDP)

Globitex, a cryptocurrency exchange based in Latvia, has achieved an important landmark, it has become the first crypto company to be accepted into Mastercard’s Lighthouse Development Program (LDP). This initiative, which was also backed by NFT Ventures, is focused on offering support to companies from Nordic and Baltic countries and to help them in developing […]

2019-8-27 23:56