Mark Weaden
MasterCard has debuted a new partnership to enable banks to offer crypto credit card rewards
Credit Card payment giants MasterCard announced a partnership that will allow its network of partners to offer cryptocurrency credit card rewards and products. MasterCard has a range of partners, which include banks and merchants that are looking to expand their reach in order to appeal to digital asset holders.
The ongoing adoption of cryptocurrency is what has led to major financial institutions like MasterCard turning their attention to digital currencies. The crypto market is soaring at the moment, with many major coins showing all-time highs, which will only prove to bolden and add credence to business moves like this.
What is being offered by MasterCard?
The recent statement from the payment giants said it has partnered with Georgia-based digital wallet company Bakkt, which will enable the company to start offering cryptocurrency services to its partners across the States.
As a result of the partnership, MasterCard will help companies to offer cryptocurrency rewards for transactions. This isn’t something entirely new to the industry, but it is something that we haven’t seen from a major financial leader before. Instead of traditional loyalty points associated with MasterCard, customers will be able to spend crypto funds to pay for purchases.
Major payment rivals Visa already offer crypto-linked cards. Now, banks will be able to issue credit cards from either payment operator, with MasterCard offering the service now as well.
The development of cryptocurrency
The digital space has grown rapidly this year and the nascent industry has caught the attention of some of the biggest players in the world. Cryptocurrency has driven fintech forward and is bringing together traditional finance and the digital asset space.
MasterCard previously partnered with fintech company Uphold and major crypto exchange platform Gemini to create crypto credit cards. A recent stat released with the MasterCard statement, states that 77% of Millennials said they are interested in learning more about cryptocurrencies, with 75% of those saying they would use it if they understood it more clearly.
As we see more major companies getting on board with the rapidly growing cryptocurrency industry, we can expect to see many more from the public domain adjusting to digital currencies.
