NetCents Technology Inc (CSE:NC) (OTCMKTS:NTTCF) CEO Clayton Moore has said the company’s Merchant Gateway program “has been a success” and the group plans to roll out a cryptocurrency credit card.
In a letter to shareholders, released on Tuesday, Moore reiterated that in May the Merchant Gateway program achieved a 41% month-over-month increase in processing volume as the company projected a 40% monthly growth rate.
“We also projected we'd surpass a 2020 first calendar quarter with a C$2 million monthly processing volume. We're on pace to reach this target based on 2019 processing rates,” the CEO said.
“August processing volume was 539% greater than February -- taking us less than 5-days to surpass the entire previous month. It wasn't an anomaly; it was a strategy,” he added.
READ: NetCents to raise C$2.5 million after beating growth targets during cryptocurrency revival
The Merchant Gateway program is a user-friendly platform designed to facilitate secure cryptocurrency transactions between merchants and consumers, making it as simple as possible for all parties involved. Merchants can accept fiat, credit card or cryptocurrency and process crypto-to-crypto or crypto-to-fiat settlements.
In other company business, Moore said NetCents is placing a “relentless focus” on sales and marketing.
“We've been driving awareness through online digital advertising and have powered 32 partner agreements allowing integration to over 26-million terminals across worldwide merchants,” Moore said.
“We undertook trials in key cryptocurrency payment markets enabling a 30% lead to close and a 10% activation rate that in turn is driving monthly processing volumes.”
A new sales team has been tasked to add 15 enterprise merchants that process over US$20 million in sales annually with a monthly baseline of $100,000 in cryptocurrency transactions.
Cryptocurrency Visa credit card
Moore also revealed that NetCents will launch a cryptocurrency credit card with Canadian customers in 2020, enabling worldwide access at over 40 million merchants offering Visa.
“We believe this launch is a truly competitive feature of the NetCents offer,” Moore said. “Unlike other credit cards, the NetCents Visa is not prepaid, does not require users to liquidate cryptos and it converts a crypto or fiat spend on the spot. Use the card whenever, wherever, we take care of everything else.”
The Vancouver-based company also has strategic plans to reduce the cost of remittances, replacing the current financial services industry's centralized business model.
“The global remittance market is expected to reach US$715 billion in 2019,” Moore noted. “As this market grows, blockchain and cryptocurrency are poised to overshadow the traditional clearing structures allowing for faster and cost-efficient solutions.”
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