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Payment provider NetCents prepares cryptocurrency credit card for launch


Payment provider NetCents prepares cryptocurrency credit card for launch

Canadian cryptocurrency payment provider NetCents has completed the technical integration of its consumer credit card into its proprietary ecosystem. NetCents announced on March 20 that it had started testing borderline case scenarios in real environments to prepare the map for launch.

Not like other crypto credit cards

The NetCents credit card promises that users will not have to preload cryptocurrency on their cards, which differs from otherwise similar products already on the market. Cards that require preloading can sometimes deprive users of an appreciation of the cryptographic value they would otherwise have received between loading and spending their coins.

The NetCents card is directly linked to each user’s wallet, allowing cryptocurrency to be spent in real time. The company has adapted its instant settlement technology to allow merchants to convert funds into trust at the time of purchase. They also integrated the NetCents scholarship into their offer.

The integration of the card in its existing ecosystem being completed, tests in real environments have started. This is the last stage of development before the public launch.

Cointelegraph contacted NetCents for information on their testing and launch schedule, but had not received a response at the time of publication.

The NetCents credit card will be issued over the Visa network. It will have chip, pin, magnetic stripe and near field communication technology. The use will be integrated into the NetCents mobile application.

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Users will also be able to choose up to three cryptocurrencies that can be used via the card. The cryptocurrencies initially supported will be Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH) and Litecoin (LTC).

More competition from crypto-banking

While the NetCents card can be distinguished from other credit cards, it also faces competition from the crypto-banking industry.

As Cointelegraph previously reported, the German start-up Bitwala also offers a mobile cryptocurrency banking application with a payment card. It should be noted, however, that the Bitcoin and Ether held there must be converted to fiat before spending.

Meanwhile, UK-based Ziglu will allow users to hold multiple fiat and cryptocurrencies, choose and convert what they spend in real time at the point of sale.

The NetCents card will initially be available to Canadian residents.

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