Mastercard and the encryption company Bakkt will soon announce the inclusion of cryptocurrency in its products. This means that in the future, banks and merchants under the Mastercard payment network will soon be able to use cryptocurrencies such as Bitcoin to make payments, and reward points will be converted into Bitcoin. Loyalty program.
According to a foreign media CNBC report, Mastercard and Bakkt will announce their partnership at the annual Money20/20 conference in Las Vegas later on Monday. It also announced that cryptocurrencies will be added to Mastercard’s products. Thousands of banks and millions of merchants under the Mastercard payment network will soon be able to use bitcoin and other cryptocurrencies to pay through bitcoin wallets, credit cards and debit cards, and airlines Points rewards such as airline miles or hotel points can be converted into a Bitcoin loyalty program.
The executives of Mastercard and partner companies revealed that they are cooperating with the encryption company Bakkt, which was recently spun off by the Intercontinental Exchange, and Bakkt will provide registered users with behind-the-scenes custodial services. And Sherri Haymond, Executive Vice President of Mastercard Digital Partnership, said in an interview, “We hope to add cryptocurrency services to all partners, whether it’s banks, financial technology companies or merchants, they can use the Baktt platform to help them. Customers provide the ability to buy, sell and hold cryptocurrency.”
Bakkt CEO Gavin Michael said that in addition to providing banks with credit cards and encrypted wallets, this partnership means that even merchants and restaurants can start to provide customers with bitcoin rewards instead of traditional point rewards. He said that existing points can be converted into cryptocurrency at the interest rate set by participating companies, allowing customers to earn revenue. “We are lowering the threshold to allow people to get things like point rewards and convert them into cryptocurrencies.”
? Picture source: CNBC
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