Banks and merchants in the Mastercard network can now offer cryptocurrency services

All banks and companies working on the Mastercard circuit will now be able to offer cryptocurrency-related services. Mastercard has indeed announced that it has signed an agreement with the company Bakkt to offer cryptocurrency options available to merchants and banks in its payment network. Mastercard customers will now be able to allow consumers to buy, sell and hold cryptocurrency. Bakkt for its part will take care of all the IT infrastructure that will allow the service to function.

Mastercard will also integrate cryptocurrencies into its loyalty solutions, allowing its partners to offer cryptocurrencies as rewards. Consumers will be able to earn and spend rewards in cryptocurrency instead of traditional loyalty points. They can then convert them transparently into cryptocurrencies to pay for their purchases.

It is important to note that the decision whether or not to include cryptocurrency services will have to be made individually by each entity. We will have to wait to know how many will join the initiative.

A new step for the democratization of cryptocurrencies

Mastercard is one of the most popular credit card providers in the world. It cooperates with more than 20,000 banks and millions of traders. The latest official figures indicate that there are 2.8 billion Mastercard cards in circulation. This new agreement is therefore highly likely to promote the popularity of digital currencies among consumers. The news comes days after Bitcoin, which is still the most popular cryptocurrency, set a new all-time high of $ 67,000.

“We are incredibly excited to partner with Mastercard to bring cryptocurrency loyalty services to millions of consumers,” said Nancy Gordon, Executive Vice President at Bakkt. “As brands and merchants seek to appeal to younger consumers and their transaction preferences, these new offerings represent a unique opportunity to meet the growing demand for flexibility in crypto, payment and rewards. “