Banks got the opportunity to issue Mastercard cards with cryptocurrency support

In mid-October 2021, Mastercard signed an agreement with the cryptocurrency company Bakkt, under which all banks and outlets in the payment network will be given the opportunity to integrate cryptocurrencies into their products.

According to CNBC, banks in the global payment network will MasterCard be able to provide rewards in cryptocurrency, for example, cashback on credit and debit cards. At the same time, airlines and hotels will be able to award their customers bonus points in cryptocurrency. Consumers will be able to convert their crypto assets to pay for purchases or store them in wallets on the Bakkt platform.

Banks got the opportunity to issue Mastercard cards with cryptocurrency support

In the first half of 2021, the MasterCard reported that it would allow cardholders to conduct certain operations with specific cryptocurrencies in their network. Moreover, Mastercard continues to invest in the growing digital asset industry. In September, the company acquired Silicon Valley cryptanalytic firm Ciphertrace at an undisclosed price, saying that "digital assets will rethink trade." MasterCard also collaborated with the fintech company Uphold and cryptobirds Gemini to create cryptocurrency credit cards, and also developed solutions that help governments test the digital currencies of central banks.

According to MasterCard research, 77% of millennials are interested in studying cryptocurrencies, and about 75% said that they would use cryptocurrency more if they understood it better.

Based on our principled approach to innovation, together with Bakkt, we will not only provide an opportunity for our partners to offer a dynamic set of capabilities with digital assets, but also provide a differentiated and relevant consumer experience, "said Sherry Haymond, Executive Vice President of Digital Partnership at Mastercard.[1]

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