Switchio powers cryptocurrency revolution in retail

Switchio and NAKA executed a successful proof-of-concept in Switzerland and El Salvador, enabling customers with a self-custody crypto wallet linked to a NAKA Card, the world’s first decentralized payment card for use on standard POS terminals, to make crypto payments with the same speed and ease as customers using standard credit or debit cards.
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How it works

The NAKA Card provides the exact same payment experience as any standard EMV bank card, giving customers full control over their funds together with tap-to-pay convenience.

The key difference is in the technology. Each NAKA Card has a unique public and private key. When a customer makes a payment, the key signs the blockchain transaction and authorizes the transfer of funds from their linked self-custody crypto wallet. The Switchio POS gateway then routes the payment for processing.

For merchants, the experience remains unchanged, with settlement in fiat going to their bank account almost instantly.

A pioneering partnership on the cutting edge of cryptocurrency

As a leading paytech innovator, Switchio has extensive experience with in-person payment processing. Every day, its advanced technologies manage hundreds of thousands of payments all over the world. Its comprehensive platform is opening a clear path to universal cryptocurrency acceptance.

Together with NAKA, Switchio is reshaping the retail sector by providing merchants with cutting-edge technology for optimised acceptance of diverse payment methods.

Solution highlights

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In-person payments via traditional EMV and cryptocurrency side by side on the same POS device
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Blockchain technology empowers users with unprecedented control and flexibility over their financial assets
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Automatic conversion eliminates the need to display prices of goods and services in cryptocurrency
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Seamless integration on comprehensive payment acceptance hardware
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Gives merchants a major advantage over businesses accepting only conventional EMV payments

"I believe choosing the MONET+ team was the best decision we made in this project. My colleagues and I at the bank know that without a team like MONET+, the implementation would have been extremely difficult for us."

Olugbenga AdamsHead of Digital & Transaction Banking Group, Sterling Bank
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