MasterCard, the world’s leading payment services company, has partnered with Bakkt and announced plans to incorporate cryptocurrency into its loyalty program offerings.
MasterCard is partnering with Bakkt to offer crypto loyalty rewards in the US
After Mastercard recently partnered with Bakkt, Mastercard has enabled Bitcoin crypto services through all of its merchants. Sherri Haymond, Executive Vice President of Digital Partnerships at Mastercard, explained their decision. The company intends to support its partners in all crypto-related services and everything.
Mastercard partners such as banks, fintechs and retailers can buy, sell and hold cryptocurrencies on the Bakkt platform. In a published statement, they stated that Bakkt will provide crypto services to Mastercard merchants and many major crypto solutions.
In other words, US-based Master customers can now buy, sell, and keep digital assets in their wallets as well.
This move brings the crypto ecosystem one step closer to bridging the gap with the traditional payments industry.
In addition, this partnership will also ensure that cardholders can now earn and spend crypto rewards instead of redeeming their loyalty points for purchases.
In terms of development, Sherri Haymond, Executive Vice President of Digital Partnerships at MasterCard, said that in addition to offering new digital asset integrations, the company will also deliver a unique and relevant user experience.
MasterCard reveals a large number of loyal customers
According to a 2017 study by the Colloquy Loyalty Survey, U.S. consumers hold 3.8 billion members in loyalty programs, though those numbers may have changed since the post-pandemic financial health.
MasterCard also reported that by the end of the first quarter of 2021 it had 249 million of its cards in the U.S. had never known or used cryptocurrencies. That’s a great exposure.
This isn’t the first time Master has taken the lead as institutions continue to support crypto in their business.
Back in February, the financial services company announced that its nearly one billion users will be able to conduct crypto-related transactions with its over 30 million supported merchants. However, so far, Master has not provided any information about which tokens are supported.
In addition to Visa, Master operates a dominant global payment network. It has economic relationships with more than 20,000 financial institutions worldwide. According to the company, 2.8 billion Mastercard cards are in use worldwide. The latest partnership is promoting mass adoption of cryptocurrencies.
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