NetCents Technology Inc. (CSE:NC) (FSE: 6N) (OTCQB:NTTCF) has entered into a partnership with XTM, Inc. (CSE:PAID) (FSE:7XT), a Toronto-based Fintech company in the challenger banking space, providing mobile banking and payment solutions around the world, to enable cryptocurrency payments and loading of payment cards.
Through the partnership, NetCents will be supplying the underlying technology to power cryptocurrency transactions for XTM's card programs enabling near real-time loading of funds to XTM mobile wallets. Cryptocurrency account holders can redeem the amount needed to complete an online or card transaction.
The partnership marks the second NetCents collaboration that leverages the company's deep technology base. The first collaboration on technology is NetCents work with Visa as part of their Fast Track technology incubator.
In a statement, Clayton Moore, CEO of NetCents said: "The Company has a dual-path strategy to be both vertically integrated as a consumer-facing brand as well as to develop and deploy a suite of products that can be shared within a broad crypto-based ecosystem.”
"This strategy will allow us to continue to embed ourselves into the mature traditional payments infrastructure, and we will grow organically as Crypto becomes a larger asset class and more of a transaction medium. Embedding our tech as a back end for many systems becomes a barrier to entry for other competitors while also driving revenues, and increasing transaction flow for our market-making and exchange operations," he added.
Cash payments have been declining for a long time - but the decline has been accelerated with the recent push to contactless payments. Cash payments in Canada were 54% of transactions in 2009 and now they are less than 30%. With cash continuing to decline as a method to transact, the partnership facilitates an additional method of transferring funds to any Today mobile wallet.
Marilyn Schaffer, CEO of XTM Inc. said: "Our strategic partnership with NetCents demonstrates our continuance to extend the breadth and depth of the value we offer our user base. With the upcoming launch of our closed-loop community currency solution in California, adding cryptocurrency as a method of funding the wallet fits as an innovative digital load option in our quest to dominate a cashless ecosystem."
XTM is a Toronto-based fintech innovator in the challenger banking space helping business and workers alike expedite earnings payout and reduce or eliminate banking fees. It integrates businesses to a payment ecosystem that is coupled with a free mobile app and debit card with free banking features.
NetCents is a transactional hub for all cryptocurrency payments, equipping forward-thinking businesses with the technology to seamlessly integrate cryptocurrency processing into their payment model without taking on the risk or volatility of the crypto market.
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