Mastercard Inc (NYSE: MA) Enters into Agreement With Bakkt Holdings Inc (NYSE: BKKT)

Mastercard Inc (NYSE: MA) has entered agreements with Fiserv Inc (NASDAQ: FISV) and Bakkt Holdings Inc (NYSE: BKKT) that would allow the company to venture into the cryptocurrency market.

Details of Mastercard’s arrangement with Fiserv and Bakkt

As per Mastercard’s agreement with Fiserv, the latter will offer transactions using crypto assets and B2C and B2B payouts through its program, Carat.

Mastercard’s agreement with Bakkt will enable banks and other merchants to accept cryptocurrencies as payment. These businesses will use Mastercard to issue credit and debit cards to customers. The cardholders can then use their cards to buy bitcoin through Bakkt. They can also receive crypto rewards in place of traditional rewards such as hotel points and travel miles.

The move marks another attempt by Mastercard to take advantage of the rise of bitcoin and other cryptocurrencies. The crypto industry has managed to reach a value of $2.7 trillion in 2021. Mastercard hopes to cash in on this surge as it tries to make digital currency more mainstream.

Mastercard previously acquired Ciphertrance, a crypto analytics firm in silicon valley. It has also collaborated with Gemini, a crypto exchange platform, and Uphold to make crypto credit cards.

Although cryptocurrency has increased in value, not many businesses accept crypto payments in the U.S. Large companies that accept crypto payments include Inc (NASDAQ: OSTK), Wikipedia, AT&T Inc. (NYSE: T), and Microsoft Corporation (NASDAQ: MSFT).

Following the announcement, Mastercard’s stock went up by 0.4%. Bakkt Stock, on the other hand, went up by 86%.

According to a report by Zacks Research Daily, Mastercard has had an increased share value of 7.6% in 2021. This increase is largely due to its geographic expansion, product diversification, technology upgrades, and strategic acquisitions. In addition, the company’s efforts in entering the cryptomarket will also help them generate more revenue and thus increase share value.

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Published by Chris Brown

About Me: I have a Phd in Economics Gender: Male Interests: Playing games like cricket, volleyball Favorite Music: hip hop, rock, jazz

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