KEY POINTS

  • Bakkt is a leading crypto service provider which recently listed on NYSE 
  • The firms plan to integrate crypto payments for merchants and banks 
  • Bakkt also struck a deal with Fiserv for providing crypto payment gateway

Mastercard partnered with digital assets firm Bakkt to allow banks, vendors and other businesses to integrate cryptocurrencies into their payment structure. 

The leading payment gateway with over 74 billion transactions each year announced its entry to the crypto space in a press release, enabling its customers to implement Crypto-as-Service.  

Mastercard said the integration of the Bakkt wallet will allow customers to sell, buy and manage cryptocurrencies, and customers can collect and spend their loyalty points by making purchases and transfers. 

“Mastercard is committed to offering a wide range of payment solutions that deliver more choice, value and impact every day,” said Sherri Haymond, Executive VP, Digital Partnerships at Mastercard. “Together with Bakkt and grounded by our principled approach to innovation, we’ll not only empower our partners to offer a dynamic mix of digital assets options but also deliver differentiated and relevant consumer experiences.”

Bakkt gathering pace in the payment industry

Bakkt has been accelerating at lightning speed, providing various crypto-related services. Earlier this month, Bakkt started trading on the New York Stock Exchange (NYSE) under the ticker ‘BKKT.’ The shares of BKKT surged 150% on Monday, reaching $26. 

Fiserv has also joined hands with Bakkt, the firm announced on Twitter.

Bakkt Chief Revenue Officer Sheela Zemlin said, “Whether ... buying bitcoin from within a financial institution’s app, redeeming loyalty points from their favorite restaurant for merchandise, using a digital asset wallet, or getting paid in bitcoin for their side gig grocery delivery runs, consumers will have new opportunities to participate in the digital economy."

India's central bank banned global payments giant Mastercard from adding new customers starting next week India's central bank banned global payments giant Mastercard from adding new customers starting next week Photo: AFP / KAREN BLEIER