By linking their account within the Bakkt app, members of the rewards program can convert points to cash, which can be deposited into their bank account, sent to a friend, used to buy discounted gift cards or to make online and in-store purchases through Apple Pay or Google Pay, according to the announcement.
In addition, rewards members can also use the Bakkt App to buy additional Wyndham Rewards points, either through funds received from converting loyalty currencies to cash or through another preferred payment method, according to the press release.
“We’re constantly looking for new ways to help our more than 90 million enrolled members engage with and receive value from the program,” said Eliot Hamlisch, executive vice president, Loyalty & Revenue Optimization, Wyndham Hotels & Resorts. “By teaming with Bakkt and further broadening the program’s appeal, we’re not only creating opportunities to pull in new members, we’re giving existing members even more reasons to stay and earn points with our expansive portfolio of hotels.”
Gavin Michael, Bakkt CEO, told PYMNTS earlier this year that as much as $1.2 trillion in value could be realized by converting digital assets (such as rewards) into spendable cash.
In addition to its recent partnership with Wyndham Rewards, Bakkt works with financial institutions and retailers to convert rewards and loyalty offerings into a variety of spendable digital assets, including crypto.
In an effort to bolster the ability to pay for items with bitcoin, Bakkt, in August announced a partnership with sandwich chain Quiznos to allow customers visiting locations in the Denver area to pay for food using the Bakkt app. Doing so would provide $15 in bitcoin as a reward.