Payment network partners will soon be able to integrate digital asset support into their own products
Payment system Mastercard announced the integration of cryptocurrency payments. Mastercard partners, including merchants and banks, will soon be able to add support for digital assets to their own products. To do this, the payment network has partnered with the Bakkt cryptocurrency platform. Mastercard customers will be able to buy, sell and store digital assets.
Mastercard also plans to add support for cryptocurrencies to the loyalty program so that payment network partners can reward their customers with digital assets for various achievements.
In September, Mastercard announced the purchase of the analytical crypto service CipherTrace, which monitors suspicious activity on the blockchain of more than 900 digital assets. With the purchase of CipherTrace, the payment system plans to expand opportunities in the cryptocurrency industry. Mastercard will provide access to CipherTrace products to its partners and develop a new service that will enable companies to ensure transparency and security in their digital asset management.
In October, Bakkt announced a partnership with Google. Bakkt users will be able to add their virtual cryptocurrency cards to the Google Pay payment system and make payments for goods and services in cryptocurrency. When paying, the cryptocurrency will be converted to fiat.
Bakkt was launched by New York Stock Exchange operator Intercontinental Exchange in 2018. In the fall of 2019, it introduced its main product – deliverable bitcoin futures.