Mastercard, an American payment company, has partnered with Cryptocurrency Transaction, which allows its partners and merchants in the United States to offer a full range of crypto solutions. Buying, selling and holding cryptocurrencies. Newly available with MasterCard.
Network integrates crypto to greater potential
MasterCard has partnered with cryptocurrency exchange Bakkt (NYSE: BKKT) through a diversified partnership. This announcement took place during the Money20 / 20 event. The partnership aims to facilitate the adoption and delivery of a wide range of cryptocurrency solutions and services by merchants, banks and Fintechs in the United States. Thanks to Bakkt, access to users will be faster and more efficient, both companies explained:
MasterCard Partners can offer cryptocurrency solutions. This includes the ability for consumers to buy, sell and hold digital assets through Custodial Wallets powered by the Pact operating system and the simplified issuance of branded crypto debit and credit cards.
The network of payment companies is huge, the company has relationships with more than 20,000 financial institutions worldwide, and has 2.8 billion MasterCard cards in use. According to a Nilsson report in October 2019, Visa and MasterCard combined had 52.9 million merchants, more than any other business in the world.
MasterCard is a way to retain its customers
MasterCard also revealed that crypto will be integrated into its loyalty solutions, allowing partners to reward cryptocurrency and create fungus between loyalty points and other digital assets. The company explains that customers can receive and spend rewards in cryptocurrency instead of traditional loyalty points.
Sherry Hammond, Managing Vice President of Digital Partnerships at MasterCard, said:
We want all of our partners to make it easy to add crypto services. Our partners, banks, finteches or merchants can provide their customers with the ability to buy, sell and hold cryptocurrencies by integrating with the Bakkt site.
Bakkt CEO Gavin Michael said barriers to entry will be reduced to make it easier for people to take reward points and retrieve crypto. Gavin Michael thinks this is an easy way to get started because Mastercard does not use money.