Credit card giant Mastercard has reportedly disclosed details regarding its preparation work to include crypto in its loyalty program offerings for banks in America, merchants and fintech entities, on its payment network.

Specifically, detailed in an October 25th announcement, Mastercard reportedly revealed its collaboration with digital asset platform Bakkt, to offer supporting features for US-located customers, to purchase, sell and hold crypto assets via custodial wallets.

The freshly formed alliance will reportedly make it possible for cardholders to earn and spend rewards in crypto, instead of using loyalty points and accruing or redeeming tokens for purchases.

“We’ll not only empower our partners to offer a dynamic mix of digital assets options, but also deliver differentiated and relevant consumer experiences” executive vice president for digital partnerships at Mastercard Sherri Haymond further remarked regarding the development. 

Per insights revealed via a Colloquy Loyalty Census research carried out in 2017, U.S. consumers have possession of 3.8 billion memberships in loyalty programs, though these numbers may not be staying the same, due to the evolving nature of the financial landscape during the global health crisis. 

Mastercard also reported there were 249 million of its cards in the United States as of the end of the first quarter of this year. Millions of loyalty rewards program users who possibly have no prior knowledge or use of cryptocurrencies could soon gain some exposure to the field.

Head of Mastercard Michael Miebach reportedly remarked in July that the firm [has] to be in this space|, partially because of the developing interest surrounding central bank digital currencies and crypto.