Bakkt President Adam White announces direct payment option with Starbucks. Soon, Starbucks mobile app users can pay for drinks with Bakkt Cash. According to Bakkt, at present, the crypto payment option is only in a limited beta version.
17 March, 2020 | AtoZ Markets – Bakkt, one of the most promising crypto-based initiatives, recently raised $ 300 million as part of a funding cycle to continue developing services focused on digital assets. Starbucks mobile app users will able to pay for drinks with Bakkt Cash. Intercontinental Exchange (ICE), the parent company of the derivatives provider Bitcoin, said in August 2018 that the coffee giant is looking for crypto retail payment apps.
Bakkt Announces Integration with Starbucks
Today Bakkt President Adam White announced the new payments integration with Starbucks on Twitter:
We're also reducing payment costs for merchants which improves their bottom line. Open your @Starbucks app to see our first direct integration and select @Bakkt to sign up for our Early Access Program pic.twitter.com/sZ3YlE0Sj9— Adam White (@WhiteAdamL) March 16, 2020
According to the company, it is also a “strategic launch partner” for Bakkt’s digital wallet. By the way, the latter plans to offer loyalty point programs and crypto payments through a single application since February. Bakkt CEO Mike Blandina said:
At Bakkt, we have a broad view of digital assets. Digital assets include things as diverse as loyalty and reward points, in-game assets, trader stored value and cryptocurrencies. It collectively represent nearly $ 1 trillion in consumer purchasing power. Despite the size of this market, consumers still find digital assets challenging to access, confusing to track and difficult to use.
Testing for Crypto Payments
The use of Bakkt Cash could be accessible to all users of the mobile app. To take advantage of the new payment integration, customers will need to register for the platform’s early access program. Starbucks said:
We anticipate that a range of crypto will gain popularity with customers. Our work with Bakkt will be able to continually envision and offer customers new unique ways to pay without problems at Starbucks.
Bakkt says the crypto payment option is currently only in a limited beta version.
We are currently performing a limited test for our customers, using the Bakkt payment method. Customers may view Bakkt as an option, but the test is only available at this time.
Some users may choose Bakkt Cash as their payment method, but Starbucks has closed all of its locations due to the coronavirus outbreak. Bakkt added:
Bakkt gives users control over their digital assets. Whether your favourite airline, loyalty points from the local grocery store or bitcoin you bought, the Bakkt app lets you consolidate all of these assets into a single digital wallet.
According to CEO Mike, Bakkt wallet will launch later this summer.
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