Switchio powers cryptocurrency revolution in retail
Switchio and NAKA recently 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.
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.
The solution integrates seamlessly into the merchant’s existing payment infrastructure, and because conversion to crypto is automatic, customers shop as usual in local currency with local prices.
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 optimized acceptance of diverse payment methods.
With Switchio, we have managed to meet the needs of our customers and integrated our pioneering, truly self-custody NAKA Cards. They have been an instrumental partner in helping NAKA provide users with card payments while retaining full custody and control of funds
Solution highlights
- In-person payments via traditional EMV and cryptocurrency side by side on the same POS device
- Blockchain technology empowers users with unprecedented control and flexibility over their financial assets
- Automatic conversion eliminates the need to display prices of goods and services in cryptocurrency
- Seamless integration on comprehensive payment acceptance hardware
- Gives merchants a major advantage over businesses accepting only conventional EMV payments
At Switchio, we’re leaders in terminal app development. Our systems support a wide range of hardware and payment methods, and now, thanks to NAKA, we’ve seamlessly integrated cryptocurrency payments.
