NetCents, a cryptocurrency payments technologies company, today announced that it has entered into a partnership with XTM, Inc., 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 this 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.
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%.
This partnership facilitates an additional method of transferring funds to any XTM’s Today mobile wallet.
“Our strategic partnership with NetCents demonstrates our continuance to extend the breadth and depth of the value we offer our user base,” said Marilyn Schaffer, CEO of XTM Inc. “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.”
This partnership marks the second NetCents collaboration that leverages the Company’s deep technology base. The first collaboration on technology has been NetCents work with VISA as part of their Fast Track technology incubator.
“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,” stated Clayton Moore, CEO of NetCents. “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 concluded.