MasterCard will enable merchants in its network to offer crypto products and services – Bitcoin News Finance

Payment giant MasterCard has partnered with a cryptocurrency exchange to allow its partners and merchants in the United States to offer crypto solutions, including buying, selling and holding cryptocurrencies. “We want to give all our partners the ability to easily add crypto services to whatever they are doing.”

MasterCard’s network integrates crypto

MasterCard (NYSE: MA) and cryptocurrency exchange platform Bakkt (NYSE: BKKT) announced “a multifaceted partnership” at the Money20 / 20 event on Monday.

The partnership aims to “make it easier for merchants, banks and fintech in the United States to adopt and offer a wider set of cryptocurrency solutions and services,” the announcement details. “Bakkt enables cryptocurrency partners’ MasterCard ecosystem crypto-a-services, providing quick access to cryptocurrency capabilities.”

Two companies explained:

MasterCard partners will be able to offer cryptocurrency solutions. This includes the ability for consumers to buy, sell and retain digital assets through the Custodial Wallet and the streamlined issuance of branded crypto debit and credit cards powered by the Bakkt platform.

The payment giant has relationships with more than 20,000 financial institutions worldwide and is using 2.8 billion MasterCards, according to the company. An October 2019 Nielsen report said both Visa and MasterCard had 52.9 million merchants – more than any other company worldwide.

MasterCard further revealed that Crypto will also be integrated into its loyalty solutions, allowing its partners to “offer cryptocurrency as a reward and create a fungus between loyalty points and other digital assets.” The announcement adds:

This means that consumers can earn and spend rewards in cryptocurrency instead of traditional loyalty points, and can seamlessly convert their crypto holdings to pay for purchases.

Sherry Hammond, executive vice president of digital partnerships at MasterCard, was quoted as saying: “We want to give all our partners the ability to easily add crypto services to whatever they are doing. Our partners, whether they are banks, fintechs or merchants, can empower their customers to buy, sell and hold cryptocurrencies by integrating with the Bakkt platform. ”

Bakkt CEO Gavin Michael commented: “We’re reducing access barriers so people can take your prize points and trade them in crypto. It’s an easy way to go because you’re not using cash, you’re putting something that sits on your balance sheet, and we allow you to do it. “

What do you think of MasterCard helping merchants integrate crypto solutions into its network? Let us know in the comments section below.

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