Mastercard has paved the way for its contracted banks to offer various services on cryptocurrencies. Here are the details…
Mastercard said in a statement today that the company has paved the way for the banks it has contracted with to show more flexibility in cryptocurrencies. Pioneering the agreement signed between companies and banks, the company brings many innovations with it.
Now banks will be able to integrate cryptocurrencies into their products. They will even allow many coupons, such as travel and hotel points, to be converted into supported coins through banking transactions. It is said that with this step, the company entered the sector, albeit late, and has now become one of its biggest supporters.
What services will Mastercard offer through cryptocurrencies?
Customers of contracted banks, which are included in the company’s global payment network, must first issue a virtual or real credit or debit card. It is easier for people who already have users. At the end of your spending, you will be able to store bonuses added to your account or coupon points for airlines, hotels, meals and similar in crypto money.
Mastercard announced that it is working with Bakkt for these transactions. For this reason, you need to use the storage wallet feature on the Bakkt platform. Then, if you wish, you can buy what you want with your crypto money investment and pay easily. Or you can just use it to transform your digital assets.
The company already said earlier this year that it will support cardholders’ ability to transact on certain cryptocurrencies. In July, he announced that consumers were too enthusiastic in this area, so he started working with some crypto and digital asset initiatives.
After all these explanations, an agreement was reached with Bakkt, which started to be publicly traded on the New York Stock Exchange on October 18. With the partnership, access and community adoption of cryptocurrencies are expected to increase significantly.
It is said that Mastercard currently has more than 2.9 billion active users and has more than 22,000 contracted banks and financial institutions. Sherri Haymond, the company’s Vice President of Digital Partnerships, made the following statement on the subject:
Together with Bakkt and building on our principled approach to innovation, we will not only empower our partners to offer digital asset options. We will also present different and relevant consumer experiences.
What do you think about this subject? Don’t forget to share your views with us in the comments!