Bakkt and Blackhawk Network partner to make eGifts purchase easier with digital assets
By Pavithra R
Global branded payments provider Blackhawk Network has announced partnering with Bakkt, a Financial service company, aimed to bring transparency and trust to digital assets, enabling users to easily purchase eGifts using digital assets, such as bitcoin, supported loyalty points and cash.
The move comes at a time when consumers and merchants accelerate their adoption of digital payment options. Under the collaboration, Blackhawk’s portfolio of eGift brands will enable Bakkt users to buy, send and redeem digital gift cards for everyday shopping using the Bakkt App. Gift cards from over 60 retailers including, DoorDash, PetSmart, and other major retailers will be available for purchase and use in peer-to-peer transfer in the Bakkt App.
“Consumers appreciate the versatility of gift cards to convert digital assets into real spending power. Blackhawk is excited to launch this partnership with Bakkt and deliver on our commitment to innovative payment solutions which accelerate the growth of our partners and meet the demands of our customers,” said Helena Mao, vice president, global strategy for payments at Blackhawk Network.
The collaboration brings together two innovators with solutions for merchants and consumers in the digital marketplace. Bakkt App requires registration to use and enables consumers to unlock the value of digital assets, including bitcoin, supported loyalty points and gift cards while giving merchants and loyalty program sponsors deeper customer engagement and a lower cost of payment acceptance. The gift card management functionality within the app allows users to check their balances, aggregate physical and digital gift cards, and buy, spend or send gift cards all from one place.
“Today, consumers do not realize or leverage the real value of digital assets, including gift cards, due to the fragmented state of personal finance tools and services. Bakkt aims to provide the app, marketplace and payments infrastructure to make all digital assets transactable, and our partnership with Blackhawk Network is a significant part of enabling that flexibility and utility for consumers,” said Bakkt’s CEO, Gavin Michael.
Launched in 2018, Bakkt is leading a new era of financial services innovation, focused on reimagining and unlocking the value of digital assets like rewards and loyalty points, gift cards, and cryptocurrency owned by Intercontinental Exchange (ICE). The company’s goal is to make all digital assets as liquid as any fiat currency. Core to its platform is tapping into ICE’s ability to create a secure and regulated market infrastructure for users to safely transact all forms of digital assets in one place, as opposed to separate siloed apps for individual types of assets.
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