Mastercard to Add Support for Bitcoin Payments on its Network

Reading Time: < 1 minute

Payment giant Mastercard will soon announce support for cryptocurrencies on its network, CNBC has reported.

Banks and merchants will be able to integrate cryptos into their products. We are talking about Bitcoin wallets, credit and debit cards for accruals in cryptocurrencies, as well as loyalty programs, in which points can be converted into digital assets.

Sherri Haymond, executive vice president of Digital Partnerships at Mastercard, has said the initiative will allow banks to compete with crypto exchanges.

Bakkt will become a partner of the payment network. It will be an intermediary for the sale and storage of cryptos.

According to Bakkt CEO Gavin Michael, companies will be able to independently set the rate for converting traditional points to Bitcoins, allowing customers this way to generate income.