Leading financial payment giant, MasterCard, has announced that merchants using its payment network can now offer Bitcoin rewards for their customers, according to a report by CNBC.
According to the report, MasterCard would be partnering with Bakkt who would be providing crypto custodial services for the company.
Per CNBC, the development would cover “bitcoin wallets, credit and debit cards that earn rewards in crypto and enable digital assets to be spent, and loyalty programs where airline or hotel points can be converted into bitcoin.”
Speaking on this, MasterCard’s Sherri Haymond, the company’s vice president of digital partnerships said “We want to offer all of our partners the ability to more easily add crypto services to whatever it is they’re 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 Baktt platform.”
This new announcement could be revolutionary in the way regular users of MasterCard interact with the crypto industry. The company ranks as one of the largest payment gateway systems in the world and reportedly has around 3 million of its cards in use globally.
The fintech company attributed the increased interest in crypto assets like Bitcoin for its actions. According to Haymond, most of the firm’s client have begun asking the company for support in providing crypto services which would enable them to be able to keep their customers on their platform instead of losing them to crypto exchanges.