Mastercard announces that it will provide a mechanism to immediately introduce a crypto asset loyalty program


The Focal Project

Credit card giant Mastercard announced on October 25, 2021 that it will partner with digital asset platform company Bakkt. This will allow Mastercard merchants and banks to develop loyalty programs such as granting crypto assets instead of traditional loyalty services.

Mastercard and Bakkt Partner to Offer Innovative Crypto and Loyalty Solutions

Mastercard says any bank or merchant on its vast network can soon offer crypto services

Fiserv and Bakkt Innovate on Mainstream Use of Crypto Assets for Leading Global Merchants | Business Wire

According to a survey of 2000 American consumers by Bakkt, almost half of the respondents, 48%, said they 'purchased crypto assets in the first half of 2021' and 32% of those who did not. Said, 'I'm interested in buying crypto assets by the end of 2021.' A Mastercard survey also found that 77% of millennials said they would like to know more about crypto assets, and 75% said they would use crypto assets if they could understand more about them. ..

In light of this strong demand for crypto assets, Mastercard said on October 25, 'Our company and Bakkt will enable US merchants, banks and fintech companies to easily implement and provide customers with a wide range of crypto asset solutions and services. We have entered into a multi-faceted partnership to ensure that. '

Specifically, banks and other companies will be able to issue credit and debit cards that allow them to receive and settle benefits with crypto assets, and consumers will be able to use crypto assets instead of

hotel points and airline ticket mileage. It will be possible to store and use. Mastercard positions this system as 'Crypto-as-a-Service'.

Sherry Haymond, Executive Vice President of Digital Partnerships at Mastercard, said, 'Mastercard enables partners to dynamically roll out digital asset options based on collaboration with Bakkt and our guiding principles for innovation. While doing so, we will provide a fine-tuned consumer experience unlike any other. '

Bakkt also announced on the same day that it will partner with Mastercard as well as Fiserv, a leading US payment provider. This will allow Bakkt to integrate Fiserv's system with the ability to deposit and withdraw funds into and out of mobile wallets with Bakkt's digital asset platform to buy bitcoins with financial institution apps and crypto assets for sideline food delivery salaries. We are going to build a system that can be received at.

Mastercard announced in February 2021 that it will support crypto assets by the end of the year, and in September it acquired the crypto asset analysis company CipherTrace , strengthening its aggressive stance on crypto assets. In addition, Visa is a credit card brand lined up in the Mastercard also, a policy that corresponds to the bit coin settlement in Marchwas launched .

Visa considers introduction of 'bitcoin payment' --GIGAZINE

in Web Service, Posted by log1l_ks