Paymagnet the disruptive contactless payment specialist, announced that they have now been granted a Tier4 direct access to cryptocurrency exchange kraken.com. This strategic move is intended to extend their current portfolio where merchants accept contactless card payments directly within a mobile app on any NFC-enabled smartphone, by adding cryptocurrencies like Ethereum, Dash, or Bitcoin.
“We make it very simple for merchants to accept multiple crypto currencies, by letting customers tap their NFC-enabled phones to pay, but get settled in Fiat (EUR/USD/HKD..) via standard merchant accounts” said Martin Glettler, CEO Paymagnet.com
“Furthermore, since we operate solely on our own NFC-Tags infrastructure we are agnostic to the recent crypto-card ban. No intermediate card-scheme is necessary in the process, users pay in app- and we settle the merchants by exchanging crypto to fiat“
Paymagnets’ payment network is available in 45 countries today serving merchants in several sectors Like air, retail, travel and entertainment with strong partnerships in place with Wirecard Germany, TTF OneRoadPayments HongKong, or UATP which connects airlines to alternative forms of payment, brands such as Cash-Ticket, or PayPal. Paymagnet takes pride in offering the most intuitive, personal and secure mobile NFC interface that allows merchants to accept payments from anywhere with a smartphone. Earlier this year, Paymagnet was listed as a BBVA Open Talent 2016 finalist, an award dedicated to recognizing innovative technological projects that influence the financial industry.
Rumor has it that Paymagnet is preparing an ICO in January 2018 and secured the support of former advisors to Bancor, Viberate and district0x.
Company Name: Paymagnet.com
Full Name: Martin Glettler
UATP, the global travel payments network, announced Tuesday (Nov. 29) that it has inked a partnership with Paymagnet, the contactless payments company, to supply its member airlines with the ability to accept contactless card payments within an airline’s mobile app or on an NFC-enabled smartphone.
“This strategic alliance provides UATP Merchants with Paymagnet’s anti-fraud approach to accept mobile in-app card payments tailored to the airline industry,” Paymagnet Executive Director Martin Glettler said in the press release. “The initial focus of the partnership will be to work with low-cost carriers in Europe, where, in some areas, contactless payment penetration is up to 40–50 percent.”
According to the companies, any purchase that can be processed via a point-of-sale system can now be completed with a smartphone and Paymagnet. In order for it to work, the client taps a credit card near the smartphone’s NFC sensor, and Paymagnet then scans the card, validates it and processes the payment.
“UATP connects airlines to alternative forms of payment brands across the globe; by adding Paymagnet, we enhance our portfolio and are able to offer contactless payments, which is only expected to continue to increase with the recent European mandate that all POS systems must have contactless payment acceptance capability by 2020,” noted Ralph Kaiser, UATP’s president and CEO, in the same release.