Mastercard launched a new way to make payments and bank transfers using cryptocurrencies this Tuesday (10/26). The system was co-created in partnership with Bakkt, a cryptocurrency broker. The idea is to provide a greater extent of digital resources for customers.
The use of cryptocurrencies to make payments and even investments becomes more palpable, more real every day. Therefore, Mastercard decided to take this course in order to put its own customers on the path to the future of money as well.
What this article covers:
How does this system work?
The operation of the new system has to do with the partnership between Mastercard and Bakkt. As a rule, credit and debit card companies do not hold cryptocurrencies. In this sense, the Bakkt brokerage will help, which will take care of these digital assets.
This custody will allow customers to bank entirely with the digital currency. This will also give incentives for banks and fintech companies to be part of this system, with their own digital currency wallets.
What will this service provide?
The benefits for the company’s customers will begin with the possibility of receiving cashback in cryptocurrencies, through credit card purchases. In addition, there will be a more constant and prevalent integration in benefit programs related to hotel chains, restaurants and, of course, airlines.
Discounts offered in cash can be converted into cryptocurrencies from the new platform. In reward programs, points can also become digital assets.
People’s curiosity about the benefits of cryptocurrencies grows every day and that’s why companies like MasterCard rushed to find ways to meet these new demands.
The cryptocurrency market
As already mentioned above, the cryptocurrency market has been in constant growth, whether in relation to people’s interest in investment. With the attention of banks focused on this area, we can say that cryptocurrencies can become more accessible to people with this type of expansion.
For those who want to go deeper into the subject, it is recommended to study the whole concept well and look for a cryptocurrency brokerage to better see how it works.