Mastercard will support crypto payments for merchants
Businesses and banks will be able to issue their own branded crypto debit and credit cards to consumers who want them thanks to Mastercard embracing crypto payments.
Mastercard customers can now enable consumers to buy, sell and hold cryptocurrency, deliver unique, crypto-centric loyalty opportunities, and streamline issuance of branded crypto debit and credit cards.
Mastercard has 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 cryptocurrency platform Bakkt. Mastercard customers will be able to buy, sell and store digital assets.
Mastercard also plans to add support for cryptocurrencies to its loyalty program so that payment network partners can reward their customers with digital assets for various achievements.
In September, Mastercard announced its purchase of CipherTrace, a crypto analytics service that tracks suspicious blockchain activity on more than 900 digital assets. With the purchase of CipherTrace, the payment system plans to expand its capabilities in the cryptocurrency industry. Mastercard will provide access to CipherTrace products to its partners and develop a new service that will allow companies to provide transparency and security when managing digital assets.
In October, Bakkt announced a partnership with Google. Bakkt users will be able to add their virtual cryptocurrency cards to Google Pay and make payments in cryptocurrency for goods and services. The cryptocurrency will be converted to fiat when paying.
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