Mastercard has started a new partnership with Bakkt to make it easier for merchants, banks, and fintechs in the United States to adopt and provide a wide range of cryptocurrency solutions and services.
Following this substantial collaboration, Mastercard will be able to integrate digital asset support into their own products in the near future. Bakkt broadens Mastercard’s network of cryptocurrency partners by allowing Crypto-as-a-Service, which enables instant access to cryptocurrency capabilities.
Mastercard will also include bitcoin into its loyalty solutions, allowing its partners to provide cryptocurrency as a reward and enabling fungibility between loyalty points and other digital assets.
This implies that instead of traditional loyalty points, consumers may earn and spend incentives in bitcoin, and effortlessly convert their crypto holdings to pay for goods.
Mastercard and Bakkt are both determined to meet the ever-increasing demand for cryptocurrency. ”
Customers desired crypto assets as a payment alternative for routine transactions. According to the Bakkt U.S. Consumer Crypto Survey of 2,000 U.S. Consumers, nearly half (48%) of those polled purchased cryptocurrency in the first half of 2021, while 32% of those who did not are either extremely or moderately interested in doing so before the end of the year.
According to the Mastercard New Payments Index, 77% of millennials are interested in learning more about cryptocurrencies, and 75% say they would use cryptocurrency if they understood it better.