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OLB Group to support Mastercard cryptocurrency processing

American commerce service provider OLB Group announced on their page, Tuesday, November 2, 2021, that it will start processing Mastercard Bitcoin payments. The company stated in an announcement that merchants utilising OLB Group’s OmniSoft and SecurePay can instantly activate Mastercard cryptocurrency transactions.

Chief executive officer for the OLB Group, Ronny Yakov expressed his thoughts on the plans, stating: ‘The recent announcement from Mastercard that it is supporting cryptocurrency should accelerate public acceptance of Bitcoin and other currencies for conducting everyday business’. 

‘We have enabled crypto commerce throughout our OmniSoft and SecurePay portfolio which enables merchants to offer a broad choice of payment options that match customer’s expectations’, he added.

OLB Group’s OmniSoft is a business management platform that allows merchants to sell a store’s products in a physical setting by offering merchants a way to configure payment options to accommodate the needs of businesses and their customers. Meanwhile, SecurePay is a payment gateway and virtual terminal that includes business management tools.

Recently, Mastercard announced on Monday, October 25, that US-based merchants and banks are allowed to enable their customers to buy and sell cryptocurrencies. This will allow consumers to hold altcoins using custodial wallets through Bakkt, a platform that offers crypto users monthly Bitcoin futures contracts.

The move is due to consumers seeking services that support crypto payments, as well as offering trading access to high-end clients and funding various blockchain projects. 

Bakkt’s executive vice president of loyalty rewards and payments Nancy Gordon said in a statement: ‘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’.

Global payment network banks powered by Mastercard can give cryptocurrency rewards on credit and debit cards when users purchase airline tickets, book hotel rooms online and more. 

Sherri Haymond, vice president of Master digital partnerships said that they aim to provide a wide range of services to users through innovation.

‘Together with Bakkt and grounded by our principled approach to innovation, we’ll not only empower our partners to offer a dynamic mix of digital assets options, but also deliver differentiated and relevant consumer experiences’, said Haymon in a statement. 

OLB is a fintech facilitator that provides clients with seamless e-commerce services such as site creation, hosting, transaction processing, order fulfilment and more.   

If you want to read more cryptocurrency news, head over to Cryptoshimbun to find out more! 

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