Technology

Mastercard partners with cryptocurrency platform Bakkt

Published on 10/25/2021 4:37 PM

New York – Mastercard announced Monday that it has partnered with cryptocurrency company Bakkt allowing, in particular, the issuance of credit or debit cards that can offer loyalty points in virtual currencies that can then be used to make payments.

The idea is to make it easier for US-based banks, merchants and fintechs to offer their clients a full range of cryptocurrency solutions and services, according to a statement.

On the one hand, the association provides for the possibility of issuing credit or debit cards exclusively dedicated to cryptocurrencies and based on portfolios managed by Bakkt.

He also plans for Mastercard to add virtual currencies to loyalty programs.

“This means that consumers will be able to earn and spend rewards in cryptocurrencies instead of traditional loyalty points and seamlessly convert the cryptocurrencies they have to pay for their purchases,” the statement said.

Bakkt already offers a debit card in association with Visa, which allows its holders to use their bitcoins to make purchases, but only in stores with Apple Pay or Google Pay solutions.

The partnership with Mastercard is broader as it offers regular Mastercard customers the ability to offer traditional cards with the option of offering loyalty points in cryptocurrency instead of cash or miles, for example.

Bakkt’s stake, which went public last week, more than tripled the Monday after the announcement, and the group is now worth more than $ 1.5 billion on Wall Street.

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