On August 24, Canadian payments processing company NetCents Technology Inc. revealed plans to introduce a cryptocurrency credit card in domestic and European markets.
The new NetCents Card does not require pre-loading of cryptocurrency. This avoids the risk of fluctuation of cryptocurrency value between the time of loading and spending.
Cardholders can directly link the card to their NetCents wallets, which facilitates direct spending of the cryptocurrency available in the wallet. The cryptocurrency credit card will enable users to choose up to three cryptocurrencies for spending.
The card can be integrated into the NetCents mobile application, and comes with chip, pin, magnetic stripe and NFC functionality.
Users will be able to avail the NetCents Card at more than 40 million merchants globally, who accept Mastercard and Visa cards.
NetCents is planning to convert the funds from cryptocurrency to fiat by using its merchant Instant Settlement technology. This will allow the new cryptocurrency credit card members to make purchases and merchant payouts in real-time.
The company intends to incorporate its credit card programme into the White-Label Enterprise Partner Program.
NetCents will also integrate its upcoming loyalty programme into the cryptocurrency credit card programme in order to offer rewards to NetCents users on cryptocurrency spend.
The credit card will be launched in Canada in the 4th quarter of this year and in Europe early next year. NetCents added that is also working on a solution for the US.