Bakkt Holdings, LLC (“Bakkt”), the digital asset marketplace behind the Bakkt App, today announced a strategic partnership with Cantaloupe, Inc. (NASDAQ: CTLP), a digital payments and software services company that provides end-to-end technology solutions for the unattended retail market, to bring a new, cashless experience for consumers to spend digital assets at unattended retail devices. Through the partnership, in addition to cash, debit and credit card, or mobile wallet, consumers will soon have the choice and flexibility to pay for products with cryptocurrency and supported loyalty points across Cantaloupe’s nationwide network.
With the global vending machine market size expected to garner $25 Billion by 2027, the ubiquity of cryptocurrency is a fundamental aspect to unlocking new customer experiences. The partnership will enable Cantaloupe to offer consumers the ability to pay using the digital assets within the Bakkt App, starting with bitcoin and participating loyalty points on more than a million devices.
“It’s often overlooked how much untapped digital assets are waiting for consumers to uncover, redeem and spend,” said Bakkt CEO Gavin Michael. “Our partnership with Cantaloupe delivers a frictionless customer experience for consumers to use digital assets as they’re intended, and we’re delighted to introduce an innovative payment option that drives both merchant sales and moments of customer delight. Imagine being able to buy a snack at an airport with unused points that, until Bakkt, you didn’t know you still had.”
Additionally, Bakkt will integrate into Cantaloupe’s consumer application as a preferred payment choice, and it will support new “Pay With Crypto” and “Pay With Points” experiences at more than a million devices. The “Pay With Points” feature enables users to leverage their unused loyalty points as payment. Bakkt will facilitate new customer experiences at existing, unattended retail locations, such as vending machines, micro markets, arcades, and more, while accelerating the growth of enterprises to adopt digital assets as any fiat currency. Cantaloupe will add Bakkt-branded payment signage on all devices shipping from October 2021 onward.
“At Cantaloupe, we have a track record for being forward-thinking and pioneering the newest payment options that empower consumers to make purchases with any method they prefer,” said Sean Feeney, CEO of Cantaloupe. “We view our partnership with Bakkt as a natural extension of our next-generation payments platform, further solidifying our place as the unattended retail industry innovator.”
Bakkt is a trusted digital asset marketplace that enables institutions and consumers to buy, sell, store and spend digital assets. Bakkt’s retail platform, now available through the recently-released Bakkt App, amplifies consumer spending, reduces payment costs, and bolsters loyalty programs, adding value for all key stakeholders within the Bakkt payments and digital assets ecosystem. Launched in 2018 by Intercontinental Exchange, Inc., Bakkt is headquartered in Atlanta. For more information, visit: https://www.bakkt.com/
Cantaloupe, Inc. is a software and payments company that provides end-to-end technology solutions for the unattended retail market. Cantaloupe is transforming the unattended retail community by offering one integrated solution for payments processing, logistics, and back-office management. The Company’s enterprise-wide platform is designed to increase consumer engagement and sales revenue through digital payments, digital advertising and customer loyalty programs, while providing retailers with control and visibility over their operations and inventory. As a result, customers ranging from vending machine companies, to operators of micro-markets, gas and car charging stations, laundromats, metered parking terminals, kiosks, amusements and more, can run their businesses more proactively, predictably, and competitively. For more information, please visit our website at www.cantaloupe.com