Famous cryptocurrency payments company, NetCents, has in a recent release published that it has secured a partnership deal with XTM, a Toronto-based Fintech company renowned for delivering mobile banking and payment solutions around the World. The partnership as stated in the release is aimed at powering cryptocurrency payments cards.
It is important to mention that there has been a lucid reduction in cash payments transactions for a long time, and the recent push toward contactless payment has further reduced the number of cash transactions. Data shared by NetCents in the release revealed that about 54% of the total payment transactions carried out in Canada in the year 2009 were cash, but this has reduced to less than 30% in recent times.
NetCents further explained that the partnership will enhance underlying technologies to power cryptocurrency transactions for XTM’s card programs, fast track real-time disbursement of funds to XTM mobile wallets, and as well introduce additional methods to move funds to and fro any Todaytm mobile wallet as cash payment reduces continuously.
NetCents CEO, Clayton Moore, elucidated that the company is following a two-sided strategic approach which includes to vertically incorporate as a consumer-facing brand and to also create and produce products that will be sharable in a broad crypto-based ecosystem, Moore further highlighted that the dual strategy will allow the company remained fused into mature traditional payments protocols.
The NetCent boss reiterated that embedding the company’s tech as a back end for many systems has driven in revenue for his company by increasing transaction flow for its exchange operations in the market and also created a barrier to hold competitors back. Moore boasted that NetCents technologies would experience rapid organic growth and become a larger asset transaction medium.
The XTM Inc CEO, Marilyn Schaffer in her words declared that the collaboration is a testimony that they are dedicated to extending new user-friendly features to their users, Schaffer pointed out that the partnership is an innovative approach toward achieving XTM’s goal to dominate the cashless ecosystem.
Nonetheless, this is the second time NetCents will be signing a partnership deal in less than 30 days. Earlier NetCent signed a deal to incorporation of its technology into the VISA network’s Fast Track technology program.