Crypto has been slowly inching towards mainstream adoption. A lot of progress has been made in that regard but that is just the beginning. There are still lots of parties that need to come on board to push the payments revolution further forward. The most recent player in the financial industry that is warming up to digital currencies is Mastercard.
Thanks to a recent partnership with fast-rising digital assets platform Bakkt, Mastercard’s partners will now be able to issue crypto-branded debit and credit cards. The company’s robust and vast payment network will let its users buy, sell and even hold digital assets. Bakkt will be providing the custodial wallets that will make all that possible.
At the surface level, consumers now have the chance to use crypto like never before. These crypto cards will be accepted at Mastercard-friendly outlets. At these places, the digital assets held by the consumers will be exchanged for fiat before the point of purchase which lets them get more choice and value.
“Together with Bakkt and grounded by our principled approach to innovation, we’ll not only empower our partners to offer a dynamic mix of digital assets options, but also deliver differentiated and relevant consumer experiences.”
Sherri Haymond, executive vice president, Digital Partnerships at Mastercard.
To make it even better, Mastercard also plans to integrate the digital assets into its existing loyalty solutions. This means that, aside from being able to spend their crypto, the consumers will also earn crypto rewards.
Good News for Crypto Gambling?
The world of online gambling is not particularly new to crypto-powered payments. There are even online casinos that are built entirely around digital currencies. Even so, the move by Mastercard presents a unique opportunity for even more growth in the use of crypto in iGaming spaces.
The fact that both companies are committed to growing the crypto ecosystem is very impressive, to say the least. It will be interesting to see all this is implemented in the online gambling platforms that currently accept Mastercard as a payment method.
Naturally, given the reputation of Mastercard, some things might not be carried over from the other kinds of crypto use. For instance, anonymity will likely not be a key consideration as Mastercard is usually linked to bank accounts. Aspects such as speed and low-cost transactions, on the other hand, could still stick around.
All in all, this is an impressive move and we cannot wait to see what comes of it in the long run. Everyone has very high hopes for it.