Bakkt launches all-loyalty points app; Disney's digital MagicBand

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Wild card

Atlanta-based Bakkt has launched an app to store loyalty points, gift cards and bitcoin where they can be redeemed for the equivalent of cash through certain partners. The company aims to tap into $1.2 trillion stored as various digital assets, according to a press release.

Starbucks is the first major partner whose customers may use the Bakkt app to convert loyalty points, frequent flyer miles, gift cards and cryptocurrency into U.S. dollars for reloading their Starbucks Card within Starbucks’ app.

Bakkt, in development since 2018, uses a built-in Visa debit card, with retail partners in the pipeline including Best Buy, Choice Hotels and GolfNow. Fiserv will enable bank account customers to convert uChoose Rewards to cash within the Bakkt app.

Magic pass

Disney has rolled out MagicMobile, a digital pass for smart devices echoing certain features of its NFC-powered MagicBand wearable that’s widely used for payments and to access rides and hotel rooms at Disney World.

MagicMobile, initially available for iPhone and Apple Watch with other platforms coming soon, enables users to add a customized digital pass to devices as their park admission ticket, 9to5Mac reports.

MagicMobile passes operate in Express Mode, so users can tap their phone or watch at NFC-enabled park gates to enter without unlocking their device. Families can add multiple passes to a single device, and plans call for adding capabilities including hotel room access in the future. Disney continues to sell its collectible MagicBands — after a temporary halt during the peak of the pandemic — at prices ranging from $15 to $48 at its stores and online.

Spreading out

Butter, a London-based fintech that launched four years ago with a buy now/pay later service for travel, has raised about $22 million in early-stage funding from Blenheim Chalcot’s BCI Finance and a group of angel investors to expand the concept to other commerce channels.

The funds will enable Butter to broaden its concept to encompass all types of shopping based on open-banking technology, AltFi reports.

Butter, which struggled when travel purchases declined during the pandemic, is retooling its service so consumers can finance large-ticket purchases from any online merchant, repaying the balance over two, three or four monthly payments.

Travel plans

Affirm is the latest installment lender to announce new financing options for travelers through a partnership with vacation home rental service Vrbo, as the pandemic begins to ease travel restrictions.

Expedia’s Vrbo subsidiary has integrated with Affirm so customers can book accommodations and split the cost into monthly payments, according to a press release.

Affirm is initially offering installment payments on some Vrbo properties, with 0% APR financing available through a promotion that ends next month.

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