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.
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.
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.
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