Mastercard is partnering with Bakkt to make cryptocurrency payments accessible to its customers.
The global payments network will allow all of its 20,000 financial institutions to integrate Bitcoin payments for the 2.8 billion Mastercard holders.
Banks will be able to issue debit or credit cards that will allow payments with cryptocurrency.
The partnership with Bakkt will enable financial institutions that issue cards through Mastercard to compete with crypto exchanges, a company representative said.
News about the future provision of Mastercard custody services ensured a 70% increase in Bakkt shares.
For the first time, Mastercard plans to add support for digital currencies announcedin February of this year. A survey conducted by the company in May poll showed that four out of ten people plan to use cryptocurrency to make payments in the next year. In September, the company acquired cybersecurity firm CipherTrace.
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