Mastercard and VISA continue to one-up one another in the race to facilitate cryptocurrency payments. A new partnership between Bakkt and Mastercard will bring cryptocurrency solutions to merchants and banks. A strategic step forward for both service providers and a big boon for the overall industry.Â
Mastercard Acknowledges Cryptocurrency Potential
- Both VISA And Mastercard actively explore ways to make cryptocurrencies more appealing as payment methods.
- For VISA, the main focus is consumer-oriented, whereas Mastercard’s new initiative is aimed at merchants and banks.
- Through a partnership with Bakkt, consumers will gain access to new loyalty reward schemes.
- Customers can buy, sell, and hold digital assets in Bakkt-provided custodial wallets.
- Additionally, they can collect and spend loyalty rewards through cryptocurrency.
- Appealing to younger consumers has been challenging for brands and merchants.
- Additionally, global demand for crypto exposure is rising, and a different loyalty reward exposure makes sense.
- It is another sign of how companies like Mastercard can create co-existence between traditional finance and cryptocurrencies.
- Both industries can complement one another instead of being seen as rivals.
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