MasterCard has teamed up with FinTech company Bakkt allowing thousands of banks and merchants onto its payments network in the US and offer a broad set of cryptocurrency solutions and services.
Georgia, US-based Bakkt will expand the company’s ecosystem of cryptocurrency partners, enabling crypto-as-a-service that aims to provide customers quick access to digital assets capabilities.
In turn, consumers will also be able to spend the cryptocurrency rewards they earn at retailers on MasterCard’s network. They will be able to buy, sell and hold digital assets through custodial wallets powered by Bakkt’s digital asset platform.
“MasterCard is committed to offering a wide range of payment solutions that deliver more choice, value and impact every day,” Sherri Haymond, MasterCard’s executive vice president of digital partnerships, said.
“Together with Bakkt and grounded by our principled approach to innovation, we will not only empower our partners to offer a dynamic mix of digital assets options, but also deliver differentiated and relevant consumer experiences,” Ms Haymond said.
Following the announcement, Bakkt shares surged 40 per cent to $12.8 and MasterCard stock jumped about 1 per cent to $361.2 a share on Monday.
Launched in 2018, Bakkt — which spun off from Intercontinental Exchange — is a digital-asset platform that enables consumers to buy, sell, store and spend digital assets.
Users continue to look for new digital assets to use for everyday purchases.
Nearly half (48 per cent) of US respondents said they had purchased some type of crypto in the first half of this year, Bakkt found in its consumer crypto survey, in which 2,000 people were interviewed.
The MasterCard new payments index shows that 77 per cent of millennials said that they are interested in learning more about cryptocurrency, with 75 per cent admitting they would use cryptocurrency if they understood it better.
MasterCard will also integrate crypto into its loyalty solutions. It will allow its partners to offer cryptocurrency as rewards and create interchangeability between loyalty points and other digital assets.
This means that consumers can earn and spend rewards in digital currencies instead of traditional loyalty points and convert their crypto holdings to pay for their purchases.
“We are incredibly excited to partner with MasterCard to bring crypto loyalty services to millions of consumers,” said Nancy Gordon, executive vice president of loyalty rewards and payments at Bakkt.
“As brands and merchants look to appeal to younger consumers and their transaction preferences, these new offerings represent a unique opportunity to satisfy increasing demand for crypto, payment and rewards flexibility,” Ms Gordon said.
Rival payments company Visa said more than $1 billion was spent by users on products and services through cryptocurrency-linked cards globally in the first six months of the year.
Mainstream companies are increasingly accepting cryptocurrencies as payments.
FinTech company PayPal is offering its customers the option to use digital currencies to pay for purchases through online merchants. It also created a dedicated business unit to focus on blockchain and crypto.
US-based food and beverage company Pepsi is also discussing options to buy Bitcoin.
Ride-hailing company Uber’s chief executive Dara Khosrowshahi has said the company will accept Bitcoin and other cryptocurrencies as a form of payment if it benefits the business.
De De Pyaar De
Produced: Luv Films, YRF Films
Directed: Akiv Ali
Cast: Ajay Devgn, Tabu, Rakul Preet Singh, Jimmy Sheirgill, Jaaved Jaffrey
Rating: 3.5/5 stars
More from Rashmee Roshan Lall
THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
The Bio
Amal likes watching Japanese animation movies and Manga - her favourite is The Ancient Magus Bride
She is the eldest of 11 children, and has four brothers and six sisters.
Her dream is to meet with all of her friends online from around the world who supported her work throughout the years
Her favourite meal is pizza and stuffed vine leaves
She ams to improve her English and learn Japanese, which many animated programmes originate in
The Florida Project
Director: Sean Baker
Starring: Bria Vinaite, Brooklynn Prince, Willem Dafoe
Four stars
MATCH INFO
Champions League last 16, first leg
Tottenham v RB Leipzig, Wednesday, midnight (UAE)
Sholto Byrnes on Myanmar politics
Sun jukebox
Rufus Thomas, Bear Cat (The Answer to Hound Dog) (1953)
This rip-off of Leiber/Stoller’s early rock stomper brought a lawsuit against Phillips and necessitated Presley’s premature sale to RCA.
Elvis Presley, Mystery Train (1955)
The B-side of Presley’s final single for Sun bops with a drummer-less groove.
Johnny Cash and the Tennessee Two, Folsom Prison Blues (1955)
Originally recorded for Sun, Cash’s signature tune was performed for inmates of the titular prison 13 years later.
Carl Perkins, Blue Suede Shoes (1956)
Within a month of Sun’s February release Elvis had his version out on RCA.
Roy Orbison, Ooby Dooby (1956)
An essential piece of irreverent juvenilia from Orbison.
Jerry Lee Lewis, Great Balls of Fire (1957)
Lee’s trademark anthem is one of the era’s best-remembered – and best-selling – songs.
UAE currency: the story behind the money in your pockets
If you go
The flights
There are direct flights from Dubai to Sofia with FlyDubai (www.flydubai.com) and Wizz Air (www.wizzair.com), from Dh1,164 and Dh822 return including taxes, respectively.
The trip
Plovdiv is 150km from Sofia, with an hourly bus service taking around 2 hours and costing $16 (Dh58). The Rhodopes can be reached from Sofia in between 2-4hours.
The trip was organised by Bulguides (www.bulguides.com), which organises guided trips throughout Bulgaria. Guiding, accommodation, food and transfers from Plovdiv to the mountains and back costs around 170 USD for a four-day, three-night trip.
Stree
Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5
Other IPL batting records
Most sixes: 292 – Chris Gayle
Most fours: 491 – Gautam Gambhir
Highest individual score: 175 not out – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)
Highest strike-rate: 177.29 – Andre Russell
Highest strike-rate in an innings: 422.22 – Chris Morris (for Delhi Daredevils against Rising Pune Supergiant in 2017)
Highest average: 52.16 – Vijay Shankar
Most centuries: 6 – Chris Gayle
Most fifties: 36 – Gautam Gambhir
Fastest hundred (balls faced): 30 – Chris Gayle (for Royal Challengers Bangalore against Pune Warriors in 2013)
Fastest fifty (balls faced): 14 – Lokesh Rahul (for Kings XI Punjab against Delhi Daredevils in 2018)
