- A leader in the growing cryptocurrency merchant payment sector
- Seeing record transaction volume growth
- Developed a universal cryptocurrency payments infrastructure
What NetCents Technology does:
Rapidly growing NetCents Technology Inc (CSE:NC) (OTCMKTS:NTTCF) has developed a blockchain platform designed for merchants and consumers looking for a better way to transact online with cryptocurrency.
The digital payments specialist says its platform allows businesses to "seamlessly integrate cryptocurrency processing into their payment model without taking on the risk or volatility of the crypto market".
In simple terms, the group's tech allows merchants and firms to accept cryptocurrency payments from customers by providing them - the recipients - with instant settlements. The platform is divided into three interrelated components: the user portal, the merchant portal, and the firm's own proprietary digital exchange platform.
The platform is NetCents' own proprietary payment processing software and the company holds intellectual property (IP), which includes copyright in the development of its technology.
The platform allows users to set up their own NetCents wallet; transfer monies - Fiat currency: namely legal tender whose value is backed by the government that issued it - from their bank account to their user account; transfer cryptocurrency from an external wallet to their NetCents Wallet; choose to either buy products and/or services online or in-store; transfer monies to other parties, and buy or sell cryptocurrencies.
How is it doing:
A sharp increase in the volume of transactions NetCents processes has been the story of the last 12 months for the group. In September, the group revealed it exceeded $5 million in transactions on its platform in August, which was a 25% jump on July's total.
And that came after it said it had exceeded $4 million in monthly processing volume in July, which in turn, was a whopping 100% growth over the figure reported in February this year.
NetCents said the growth in volume was mirrored by the growth of cryptowallets worldwide. As of June this year, there were over 50 million wallets that have been created, which represented 25% growth on a year to year basis, it noted.
This growth in its business-to-business (B2B) is a clear indicator of a maturing business, according to founder and CEO of NetCents Clayton Moore at the time, who also told investors that "using crypto for small consumer purchases has a novelty to it, for sure, but now we are seeing large businesses embrace crypto as part of their process, it is a very revealing trend".
In July, NetCents also revealed that for the six months to end April, 2020, it posted $102,061 in revenue, up 434% compared to $23,503 for the six months ended April 30, 2019, and told investors it was excited to transition to the "revenue generation” stage as a business from the "development stage”.
The numbers rose strongly despite, as expected, a downturn in the number of retail and e-commerce transactions due to the coronavirus pandemic.
Significantly, a month earlier, NetCents said it had received an industry-leading US$1.4 billion credit facility to fund merchant settlements - to increase the potential of cryptocurrency as a means of exchange. It was said to be the largest credit line ever granted to a cryptocurrency payments company.
On September 30, the group unveiled a milestone tie-up with Australian payment-app developer Sosure Pty Ltd, which has an app that is a new reward ecosystem designed to give members flexibility and value when shopping. Sosure, whose platform is accepted by 450 merchants, also plans to add cryptocurrency, and thereby the NetCents technology, in coming weeks.
The platform is currently averaging 500,000 transactions per month, with average transactions exceeding $20, noted NetCents.
It said the move would allow it to leverage more easily the “reach, capabilities, and security” of VisaNet, one of the world's largest high-speed electronic payments networks.
- More deals/ partnerships
- Greater transaction volumes
What the boss says:
Jana Nickason, a partner and merchant strategist for NetCents, said the SoSure move was a 'big deal' for the company because its app allows people to buy products at a centralized place from a number of merchants - big brands like Nike but also local Australian firms.
"The cryptocurrency market in Australia continues to grow year-by-year and I think we're noticing now that as more and more customers and people have cryptocurrency e-wallets, that demand for merchants to accept cryptocurrency is growing and we know it's going to have a ripple effect, where, as more merchants offer that payment option, that's also going to promote more people to go ahead and get e-wallets so it's just a continuous cycle....just grows the market overall. I think that's why it's very important for NetCents to get in at this time," she explained to investors.
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