Intercontinental Exchange-backed crypto startup, Bakkt has announced a partnership with the popular American tech company, Google, to increase the use of cryptocurrencies like bitcoin, ether, and dogecoin in payments.
Announcing the development today, the cryptocurrency exchange said henceforth, its customers will be able to add their Bakkt virtual card to the Google Pay platform, to purchase goods and services online.
Notably, the payment method can also be used in physical stores where Google Pay is accepted.
“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,” Gavin Michael, Bakkt CEO, commented on the development.
Bakkt Taps Google Cloud
Aside from the use of cryptocurrencies across Google Pay’s supported terminals, Bakkt noted that it will be using the Google Cloud platform as its main cloud service provider, with plans to market its solution powered by the tech to various retailers and merchants in the U.S.
The ICE-backed exchange noted that it will leverage Google Cloud’s tools to build new analytics, Artificial Intelligence (AI), and Machine Learning (ML) to establish better business insights.
These insights, according to Bakkt, will provide its customers with expanded loyalty redemption options, while its partners will get better information about consumer behavior patterns.
Commenting on the development, Kirsten Kliphouse, Google Cloud President of North America, said Google Cloud has been imperative in accelerating the growth of the global e-commerce industry, adding:
“We are proud to help Bakkt accelerate and scale the availability of their innovative solutions, powered by our technologies.”
While the use of cryptocurrencies as an investment tool has been one of the reasons interest in the assets has surged lately, many firms are still considering ways to boost cryptocurrency adoption by expanding their usability beyond investing.
Many financial experts believe that cryptocurrencies will only gain mainstream adoption until they are widely used in payments.
With this in mind, several crypto-related firms have developed crypto debit cards that will enable customers to pay for goods and services across cryptocurrency-supported terminals.
Meanwhile, Coinfomania reported that BitPay partnered with Verifone to enable consumers to pay for goods and services using cryptocurrencies.