MasterCard will enable crypto support to 30 million merchants

 MasterCard will enable crypto support to 30 million merchants

MasterCard will enable crypto support to 30 million merchants.

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MasterCard now offers direct support for crypto, which will allow banks operating within its ecosystem to provide crypto services to almost 1 billion users and 30 million merchants.

Users and customers of Mastercard will soon have access to various services, including loyalty programs and rewards, through the integration of digital assets into its products.

 It was also announced that MasterCard would integrate crypto into its loyalty solutions, enabling its partners to offer cryptocurrency as rewards and create fungibility between loyalty points and other digital assets.

Therefore, consumers can earn and spend crypto rewards instead of traditional loyalty points, and seamlessly convert their crypto holdings into cash. This is Mastercard’s latest effort to offer consumers loyalty options aligned with their passion points.”

Bakkt will act as custodian under the new system, which is being developed in partnership with the new initiative.

MasterCard’s Executive Vice President of Digital Partnerships, Sherri Haymond, mentioned that MasterCard is eager to offer clients and partners easy access to crypto services.

In doing so, crypto moves closer to closing the gap between the world of crypto and that of traditional credit card payments as consumers continue to use crypto assets as an everyday purchase option, according to the announcement.

With a global user base of 2.8 billion, MasterCard works with over 20,000 institutions around the globe. In recent weeks, there have been numerous institutional adoptions of cryptocurrencies.

Bitcoin and cryptocurrency services were recently introduced by PayPal in the UK less than a year after allowing US residents to purchase Bitcoin on the platform.

Olumide Adesina

Olumide Adesina a France-born Nigerian, a Certified Investment Trader, with more than a decade of working expertise in Investment and Trading. He is also a reputable author and writer for CoinDesk and FxEmpire.

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