(MENAFN- Newsfile Corp) NetCents Technology Receives BIN Number and Starts Printing Cards for Credit Card Launch
Vancouver, British Columbia--(Newsfile Corp. - January 19, 2021) - NetCents Technology Inc. (CSE: NC) (FSE: 26N) (OTCQB: NTTCF) (" NetCents " or the " Company "), a cryptocurrency payments company, would like to provide an update on the NetCents Cryptocurrency Credit Card.
"This development couldn't have come at a better time, Cryptocurrencies are really at that inflection point of growth, moving from "early adopters" to a larger consumer group we call 'the new generation' of FinTech clientele. Our predictions on the price of Bitcoin (please refer to previous press (March 16, 2020/August 5, 2020)) has come to pass. We expect wallets to exceed 100 million units in the near future, and that is just scraping the surface of a multi-billion market. Young people are embracing the opportunity to manage their own finances and they are now moving their assets into Crypto. The natural extension of this trend is to be able to access those assets with something as simple as a credit card. Our recent growth has been exceptional and now our clients will be able to use Crypto to shop wherever Visa is accepted. We believe that with all this new attention on Cryptocurrency - the take-up rate on our Visa card will be beyond our expectations," stated Clayton Moore, CEO and Founder of NetCents.
To recap the recent progress on the credit card program, on August 10, 2020, the Company announced that it joined the Visa Fintech Fast Track Program - for the rollout of a Crypto-Backed Visa Card, this project superseded the previous credit product since it was an opportunity to work in a direct relationship with Visa.
On October 24, 2020, the Company announced that it had partnered with i2c to be the backend provider that links directly into the Visa network. i2c, headquartered in Silicon Valley, has developed unique software that will accelerate NetCents' rollout of its Visa product. i2c is currently working with over 1,000 companies specialized in global payments and operates in over 200 Countries.
On November 17, 2020, the Company announced that it had been working diligently to sign an issuing bank for the credit card program and was working with their Risk and Compliance teams to gain approval. In order to do so, the Company was required to provide the bank with an expert legal opinion to certify NetCents compliance with all relevant AML laws and Fintrac MSB requirements through the end of 2021, full program and corporate analysis, and full corporate compliance program documentation. Based on this work NetCents announced a Banking partner in December.
On December 14, 2020, the Company announced that the bank compliance review was completed and was waiting for the Visa blackout date to be lifted to receive the BIN (Bank Identification Number) before completing the final integration.
The Visa blackout date has now passed, and the Company has been issued a BIN by Visa. With the BIN in place, the Company is now able to complete the final technical integration required to launch the card.
The final steps that the Company is now completing are:
- Integrating the BIN into the Visa network via i2c
- Integrating into the Apple Pay and Google Pay networks to allow card holders to add the NetCents card to their Apple Pay and Google Pay digital wallets, enabling them to use it as a digital card
- Set up BIN with the credit card printer
- Complete credit card chip profiling
In December, NetCents contracted with its card printing company, who is now completing the process of designing and printing the first batch of cards that will be issued to NetCents clients. This is the final part of the process as the BIN numbers that have been newly received are part of this production process.
Once these tasks are completed, the Company will commence issuing NetCents Cryptocurrency Visa cards.
NetCents Technology Inc., the transactional hub for all cryptocurrency payments, equips forward-thinking businesses with the technology to seamlessly integrate cryptocurrency processing into their payment model without taking on the risk or volatility of the crypto market. NetCents Technology is registered as a Money Services Business (MSB) with FINTRAC.
For more information, please visit the corporate website at[...] or contact Investor Relations: .
On Behalf of the Board of Directors
NetCents Technology Inc.
Clayton Moore, CEO, Founder and Director
NetCents Technology Inc.
1000 - 1021 West Hastings Street
Vancouver, BC, V6E 0C3
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, including but not limited to, expectations of the Company's future growth, expansion and growth of the Crypto currency market, the final steps to commence issuing NetCents Cryptocurrency Visa cards, and the expectations of the up-take of the Company's Visa card program, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, risks related to global pandemics, including the current novel coronavirus (COVID-19) global health pandemic and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates, and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
This press release contains future‐oriented financial information and financial outlook information (collectively, " FOFI ") about the Company's future growth, expansion and growth of the Crypto currency market and the expectations of the up-take of the Company's Visa card program, all of which are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraphs. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on FOFI. The Company's actual results, performance or achievement could differ materially from those expressed in, or implied by, these FOFI, or if any of them do so, what benefits the Company will derive therefrom. FOFI contained in this press release was approved by management as of the date of this press release and was included in order to provide readers with information about management's current expectations and plans relating to the future and such information may not be appropriate for other purposes. The Company disclaims any intention or obligation to update or revise any FOFI contained in this press release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein.
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