{"id":13591,"date":"2021-10-25T23:54:07","date_gmt":"2021-10-25T23:54:07","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/mastercard-to-enable-merchants-on-its-network-to-offer-crypto-products-and-services\/"},"modified":"2021-10-25T23:54:07","modified_gmt":"2021-10-25T23:54:07","slug":"mastercard-to-enable-merchants-on-its-network-to-offer-crypto-products-and-services","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/mastercard-to-enable-merchants-on-its-network-to-offer-crypto-products-and-services\/","title":{"rendered":"Mastercard to Enable Merchants on Its Network to Offer Crypto Products and Services"},"content":{"rendered":"

Payments giant Mastercard has partnered with a cryptocurrency exchange to allow its partners and merchants in the U.S. to offer crypto solutions, including the buying, selling, and holding of cryptocurrencies. \u201cWe want to offer all of our partners the ability to more easily add crypto services to whatever it is they\u2019re doing.\u201d<\/strong><\/p>\n

Mastercard\u2019s Network Integrates Crypto<\/h2>\n

Mastercard (NYSE: MA) and cryptocurrency exchange platform Bakkt (NYSE: BKKT) announced \u201ca multifaceted partnership\u201d Monday at the Money20\/20 event.<\/p>\n

The partnership aims \u201cto make it easier for merchants, banks, and fintechs in the U.S. to embrace and offer a broad set of cryptocurrency solutions and services,\u201d the announcement details. \u201cBakkt extends Mastercard\u2019s ecosystem of cryptocurrency partners enabling crypto-as-a-service, which provides quick access to cryptocurrency capabilities.\u201d<\/p>\n

The two companies explained:<\/p>\n

Mastercard partners will be able to offer cryptocurrency solutions. These include the ability for consumers to buy, sell and hold digital assets through custodial wallets powered by the Bakkt platform and streamlined issuance of branded crypto debit and credit cards.<\/p>\n

The payments giant has relationships with more than 20,000 financial institutions worldwide, and there are 2.8 billion Mastercards in use, according to the company. An October 2019 Nilson Report states that Visa and Mastercard both had 52.9 million merchants \u2014 more than any other companies worldwide.<\/p>\n

Mastercard further revealed that crypto will also be integrated into its loyalty solutions, allowing its partners to \u201coffer cryptocurrency as rewards and create fungibility between loyalty points and other digital assets.\u201d The announcement adds:<\/p>\n

This means that consumers can earn and spend rewards in cryptocurrency instead of traditional loyalty points and seamlessly convert their crypto holdings to pay for purchases.<\/p>\n

Sherri Haymond, Mastercard\u2019s executive vice president of digital partnerships, was quoted as saying: \u201cWe want to offer all of our partners the ability to more easily add crypto services to whatever it is they\u2019re doing. Our partners, be they banks, fintechs, or merchants can offer their customers the ability to buy, sell and hold cryptocurrency through an integration with the Bakkt platform.\u201d<\/p>\n

Bakkt CEO Gavin Michael opined: \u201cWe\u2019re lowering the barriers to entry, allowing people to take something like your rewards points and trade them into crypto. It\u2019s an easy way to get going because you\u2019re not using cash, you\u2019re putting something that\u2019s an idle asset sitting on your balance sheet, and we\u2019re allowing you to put it to work.\u201d<\/p>\n

What do you think about Mastercard helping merchants on its network integrate crypto solutions? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nFinance, caas, crypto as a service, MasterCard, mastercard banks, mastercard bitcoin, mastercard crypto, mastercard crypto products, mastercard crypto servies, mastercard cryptocurrency, mastercard merchants, mastercard network, mastercard payments network<\/p>\n","protected":false},"excerpt":{"rendered":"

Payments giant Mastercard has partnered with a cryptocurrency exchange to allow its partners and merchants in the U.S. to offer crypto solutions, including the buying, selling, and holding of cryptocurrencies. \u201cWe want to offer all of our partners the ability to more easily add crypto services to whatever it is they\u2019re doing.\u201d Mastercard\u2019s Network Integrates…<\/p>\n","protected":false},"author":0,"featured_media":13592,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13591","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13591"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13591"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13591\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13592"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}