Mastercard announced new partnership with Bakkt to make it easier for merchants, banks and fintechs in the U.S. to embrace and offer a broad set of cryptocurrency solutions and services. After this significant partnership Mastercard will soon be able to integrate digital asset support into their own products. Bakkt extends Mastercard’s ecosystem of cryptocurrency partners enabling Crypto-as-a-Service, which provides quick access to cryptocurrency capabilities.
Mastercard will also integrate crypto into its loyalty solutions, enabling its partners to offer cryptocurrency as rewards and create fungibility between loyalty points and other digital assets. This means that consumers can earn and spend rewards in cryptocurrency instead of traditional loyalty points and seamlessly convert their crypto holdings to pay for purchases.
Mastercard and Bakkt are both determine to fulfill ever increasing crypto demands. Consumers wanted crypto assets as an option for everyday purchases. In the Bakkt U.S. Consumer Crypto Survey of 2,000 U.S. Consumers, nearly half (48%) of respondents reported purchasing crypto in the first half of 2021, while 32% of those who didn’t are either very or somewhat interested in doing so before year-end. According to Mastercard New Payments Index, 77% of millennials said that they are interested in learning more about cryptocurrency, with 75% saying that they would use cryptocurrency if they understood it better.