MasterCard, an American multinational financial services corporation has disclosed a partnership with Bakkt, which is a digital asset platform, to enable merchants, banks and fintechs in the United States to embrace and offer “a broad set of cryptocurrency solutions and services.”
According to the announcement, MasterCard will be working with Bakkt to enable its U.S. customers to buy, sell and hold digital assets through custodial wallets. The partnership will also enable cardholders to earn and spend rewards in crypto rather than using loyalty points and accruing or redeeming tokens for purchases.
The announcement stated, “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. This is the latest move by Mastercard to bring innovative loyalty options to consumers that align with their passion points.”
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