It has completed all the technical developments necessary to launch the visa program and is proceeding to the final certification phase this week
Technology Inc. () (FRA: 26N) (OTCQB: NTTCF) on Friday provided an update on the planned rollout of its NetCents Cryptocurrency credit card.
The company announced in August that it has joined the Fintech Fast Track program for the deployment of an encrypted Visa card and has signed up with i2c Inc to be the back-end provider that connects directly to the Visa network.
“NetCents sets itself apart as the real payments innovators who turn big ideas into reality,” said Kevin Fox, EVP for sales at i2c. “We couldn’t be happier to have them as partners and play a role in helping them bring their product visions to life.”
READ: NetCents technology records over $ 27 million in transactions in 2020
i2c, headquartered in Silicon Valley, has developed unique software that will accelerate NetCents’ deployment of its Visa product. i2c currently works with more than 1,000 companies specializing in global payments and operates in more than 200 countries.
“i2c provides technology to the largest companies in the payments industry. They have developed thousands of software building blocks that can be configured for the many use cases that we plan to have for our payments ecosystem,” said Clayton Moore, CEO of NetCents, in a statement.
“They are effectively – ‘accelerating’ our fast lane with Visa. Our relationship with i2c will facilitate the deployment of our Visa card from the North American market to the global market in a transparent manner.”
NetCents said i2c has identified the company as part of its upcoming “visionary” PR campaign that will help market NetCents to payment companies and merchants around the world.
NetCents noted that it has completed all technical developments necessary for the launch of the visa program and is proceeding to the final certification phase during the week of October 26. This process is expected to take two weeks and the company is currently finishing the work to receive bank compliance to issue a BIN, which is required to launch the card.
The company plans to launch its virtual card product on November 15. Unfortunately, if that deadline falls, Visa has an internally enforced blackout period preventing card issuance during the holidays so that the next launch date is January 15, 2021. At that time, NetCents said that ‘it would be able to issue both virtual and physical Visa cards.
In addition to the functionality of the original card program, NetCents integrates Google Pay and Apple Pay into the program to allow users to add their Visa NetCents Cryptocurrency card to their Google Pay and Apple Pay wallets, which will allow users to use the retail virtual card. Locations.
In addition, the company has granted stock options for a total of 2 million common shares to officers, directors, employees and consultants. These stock options can be exercised at a price of $ 0.98 per option and will expire on October 22, 2021. The stock options will vest immediately.
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