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Millions of retailers currently accept Google Pay as payment, potentially allowing Bakkt users to pay in cryptocurrency at a wide range of stores and online markets.
Users with Bakkt debit cards will be able to use Google Pay to convert their crypto balances to fiat payments.
In an Friday announcement, Bakkt said it had partnered with Google to allow its users to purchase goods and services using Bitcoin (BTC) and other cryptocurrencies through the Google Pay wallet and payment system. In addition, Bakkt plans to build new analytics and geolocation functionality on its platform using Google Cloud tools. The exchange hopes that the features will expand loyalty redemption options “while providing Bakkt partners with valuable consumer behavior patterns.”
“This partnership is a testament to Bakkt’s strong position in the digital asset marketplace, to empower consumers to enjoy their digital assets in a real-time, secure, reliable manner,” said Bakkt CEO Gavin Michael.
According to Google, “millions” of retailers currently accept Google Pay as a form of payment, potentially giving Bakkt users the ability to pay in crypto at “supermarkets, pharmacies, restaurants, clothing stores, gas stations, beauty shops” and others. The Bakkt partnership comes after major cryptocurrency exchange Coinbase announced in June that Apple Pay and Google Pay would support its Coinbase Card. Since April, Gemini users have been able to purchase cryptocurrency using Apple Pay and Google Pay.
Bakkt, which was launched by the Intercontinental Exchange in 2018, initially offered BTC futures contracts only to accredited investors. In March, the platform launched a payments app that allows users to make purchases using cryptocurrency, with the goal of “amplifying consumer spending, lowering payment costs, and bolstering merchant loyalty programmes.”