VISA and MasterCard are being challenged by a payments processing company out of Canada called NetCents Technology. The company recently announced a new digital currency credit card service that will be accepted at around 40 million merchants around the globe. Making it even more powerful, NetCents is integrating support for Bitcoin BCH.
As part of an agreement with Post Socrates Ventures (PSV), NetCents will first integrate Bitcoin BCH into its exchange operations. Soon after, although no timeframe was given, Bitcoin BCH support will be rolled out to the NetCents Merchant Gateway.
PSV is a firm that specializes in payment processing and telecommunication services, as well as the development of point-of-sale terminal applications and end-to-end encryption. The company’s director of communications, Carlos Mendez, said, “We look forward to integrating our distributors and partners into the NetCents platform and have selected the NetCents platform for their real-time payment processing technology (Instant Settlements) which eliminates the volatility risk for our traders. We believe that NetCents is the perfect partner for the service needs of our current partners due to its breakthrough platform and the inclusion of Bitcoin Cash in the platform.”
NetCents, through its Instant Settlement technology, will allow for crypto payments to be converted to fiat immediately. This means that cardholders can benefit from real-time purchases and don’t have to pre-load cards with crypto before using them. The cards can be linked to crypto wallets to allow for seamless spending and users can take advantage of the company’s mobile app to facilitate purchases. NetCents cards work as does any plastic, complete with an imbedded chip, a personal identification number, a magnetic stripe and Near-Field Communication functionality.
The continued move forward for cryptocurrencies doesn’t appear to be slowing down, despite the current market volatility. More companies are beginning to offer crypto-focused options for payments and the merchant space, and new investment opportunities are constantly being introduced. Only recently, the Intercontinental Exchange (ICE), which owns the New York Stock Exchange (NYSE), announced that it was launching a regulated platform for digital assets, Bakkt, which will help ease the transition of digital currencies into everyday spending. Bakkt is being designed in a partnership with Starbucks and Microsoft.