According to a recent press release, NetCents Technology has integrated its crypto credit card into its financial ecosystem. It is now almost ready for release to the masses. Unlike other crypto cards offered by financial firms, the card offered by NetCents will not need to be pre-loaded with cash. Instead, just as any debit card issued by banks, the amount spent at any point is going to be deducted from the NetCents’ account of the user.

About the Integration

The integration of the card into the NetCents ecosystem will entail integration into the NC Exchange, User Wallets, and Instant Settlements. They are already conducting tests in real-world use cases. This will culminate in the release of the card to the masses. Besides that, the company is already working on merchant integration. It will make it possible for merchants to allow users to load the branded credit cards via cryptocurrencies. The instant Settlement technology developed by NetCents will make it possible to instantly convert funds deposited by a user from crypto to fiat. The funds are then instantly sent to a merchant during checkout.

The card is going to be directly linked to the NetCents wallet of a user. As a result, cardholders can spend funds from their wallet directly. Users will be given the option of choosing which crypto they would like to use when making purchases. The card will be integrated into the NetCents mobile app and it will have a pin, a chip, NFC capabilities, and a mag stripe.

VISA Integration

The new card will run on VISA’s global infrastructure. Consequently, it will be possible to make settlements at millions of merchants globally that utilize VISA’s services. According to the company’s CEO, since they began the program, their relationship with VISA has continued to flourish. He added that the company was looking forward to evolving their relationship with VISA, which was a key partner in helping to evolve this program. The CEO added that they were privileged to support VISA in the effort to deliver the best products to the market. As more developments emerge, he said they would inform the community.

On-Boarding Partners

For this program to succeed, NetCents understands that it will have to onboard partners. It is currently reaching out to merchants to help them understand how the service will work. It is worth noting that NetCents is not the only firm working on crypto-fiat instant settlement cards. One of the most significant firms that are working on such a project is Coinbase. Via its Coinbase card, users can spend their crypto at stores that only accept fiat payments.

The technology is still in its infancy and not many people use it. However, as the number of crypto users grows, more of them will want to use their crypto for everyday purchases. Technology such as the one being developed by NetCents will make this quite easy.

About NetCents

NetCents, whose HQ is in Toronto, has created a blockchain-powered platform for merchants and consumers. It allows them to transact using crypto with ease. Merchants can accept crypto from customers with the help of instant settlement technology.

Image Source: Netcents

Notice: Information contained herein is not and should not be construed as an offer, solicitation, or recommendation to buy or sell securities. The information has been obtained from sources we believe to be reliable; however no guarantee is made or implied with respect to its accuracy, timeliness, or completeness. Authors may own the crypto currency they discuss. The information and content are subject to change without notice. Visionary Financial and its affiliates do not provide investment, tax, legal or accounting advice. This material has been prepared for informational purposes only and is the opinion of the author, and is not intended to provide, and should not be relied on for, investment, tax, legal, accounting advice. You should consult your own investment, tax, legal and accounting advisors before engaging in any transaction. All content published by Visionary Financial is not an endorsement whatsoever. Visionary Financial was not compensated to submit this article Please also visit our Privacy policy; disclaimer; and terms and conditions page for further information.

You May Also Like

SBI Holdings Annual Report Drops Crazy Ripple Predictions, Could This Be Aiding XRP Price Surge?

Financial service giant SBI Holdings recently released their annual report for 2019…

Molecular Future & A Few Other Coins From The Top 100 Cryptocurrencies That Are Rallying

The last 24 hours, top cryptocurrencies such as Bitcoin, Ethereum and XRP…

Amazon Crypto: What An Entry Into the Cryptocurrency Space Could Look Like For The Tech Giant

In July this year, the Amazon VP confirmed that the company had…

Japan’s Finance Minister Opposes Reducing Crypto Tax to 20%

Taro Aso, the Japanese finance minister, recently expressed opposition to cutting down…
signature bank and fireblocks

Signature Bank Launches Its Digital Payments Platform, Signet™ On The Fireblocks Network

First Bank To Enable Commercial Clients’ Access to Signet’s Digital Payments Technology…

Ukraine Passes Crypto Law To Monitor Trading Activities With The Help Of Binance Exchange

The government of Ukraine recently passed an AML law that covers the crypto sector.…
Celo Receive $20 Million Investment Amidst Launch Of Global Payments App

Celo Receive $20 Million Investment Amidst Launch Of Global Payments App

Celo, which is the most actively used DeFi platform, announced that it…

3rd Edition of FiNext Awards & Conference Successfully Concluded in Orlando, Florida

ORLANDO, Florida: The 3rd edition of FiNext awards and conference, themed “Gathering Together…

New Report Suggests that Crypto Regulation Drives Down Bitcoin Price

A new study suggests that introducing crypto regulation usually drives the price of BTC…

Facebook Caves into Regulatory Pressure and Revamps Facebook Libra

After Facebook announced that it planned to launch Facebook Libra, the backlash…