Posted 2 years ago | by Ben Armstrong
Payment Provider NetCents Prepares to Launch Cryptocurrency Credit Card
NetCents, a Canadian cryptocurrency payments provider, has announced its completion of integrating consumer credit cards into its proprietary ecosystem. In a recent announcement NetCents stated that it has gotten closer to launching the card after it was tested in real-world environments.
Unlike other similar credit cards already on the market, the NetCents credit card users are promised they will not have to pre-load cryptocurrency onto their cards. In the interim between loading and spending tokens, the value of the tokens changed, and had the potential to cost users the lost difference.
By directly linking to a users’ wallet, the NetCents card allows cryptocurrency to be spent in real-time. The firm also has adapted its instant settlement technology, which allows merchants to convert funds into fiat at time-of-purchase. All of this is an interesting offering that further connects cryptos with real-world needs.
NetCents is Working on Interesting Ideas
The integration of the new card into NetCents' existing ecosystem will need to be tested in a variety of situations, to make sure that it works along the lines that everyone in the ecosystem expects. NetCents will issue the credit cards through the Visa network, which is a solid system.
The card will consist of a chip, pin, magstripe, and near-field communication technology, and the entire user experience will be integrated into the NetCents cellphone application. Not only will users be able to spend directly from their crypto wallets, they will also be able to use the app on their mobile devices.
In addition, users will be able to choose up to three spendable cryptocurrencies through the card. The cryptocurrencies that will be supported initially are Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH) and Litecoin (LTC).
Lots of Competition in the Sector
The NetCents card also has to face competition from the crypto-banking sector, even though it has some unique features.
Bitwala, a startup firm from Germany, has offered a mobile cryptocurrency banking app with an accompanying payment card. However, it is notable that the Bitcoin and Ether held in the account must be converted to fiat before spending.
A United Kingdom-based company, Ziglu, has a plan to allow users to hold multiple fiat and cryptocurrencies, choosing and converting what they spend in real-time at the point of sale.
The NetCents card is going to be available to Canadian Residents first, and then it may be offered to other nations as well. As using cryptos becomes more seamless with existing payment infrastructure, it is likely that more people will adopt decentralized payment technology.