Tap N Go Partners With Transact Payment Ltd to Offer Prepaid MasterCards

Karthik Subramanian

Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.

Ripple Labs

Tap N Go Partners With Transact Payment Ltd to Offer Prepaid MasterCards

May 2, 2019
Tap N Go
Tap N Go

Europe gets its first Crypto based MasterCard payment service as a Gibraltar based crypto wallet company Tap N Go (TAP) has partnered with a major European payment solutions provider – Transact Payments Limited (TPL). Transact Payment Ltd is a licensed e-money institution providing flexible BIN sponsorship and modular debit and prepaid payment services. Since TPL is a principal member of financial service giants such as MasterCard, Visa and FIS global in Europe this partnership provides TAP with a great stepping stone in either bid to provide crypto-based payment solutions in the European market.  As per press release from TPL, Tap’s partnership TPL enables TAP To issue prepaid MasterCard which will allow users to convert their crypto assets held with the company to be converted into fiat and use the card for financial transactions anywhere a MasterCard is accepted in Europe.

Special issue Crypto cards for payment purposes are gaining huge popularity in the market as of late. These cards are often purchased as debit cards which can be topped up with cryptocurrencies when required and spent at most major credit card accepting merchants worldwide. However, the offer of MasterCard via TAP is designed such that users will be able to sell many different cryptocurrencies available in their account for fiat conversions to be used in the MasterCard. TAP keeps all its crypto assets in offline cold storage behind multi-signature Wallet and electronic money client accounts. Tap accounts with multiple crypto and fiat wallets have access to a real-time crypto trading with numerous exchanges as well. A recent update from Tap N Go stated that the company has applied to the Gibraltar Financial Services Commission for DLT license which is currently under review.

If approved, then this license will enable TAP N GO MasterCard users to withdraw money at any ATM by converting their cryptocurrencies from TAP Wallet account to fiat currencies. Commenting on the partnership, Arsen Torosian, CEO of TAP stated “the launch of TAP has been in the making for a number of years and our partnership with TPL for our provision of the TAP Prepaid MasterCard was the final piece of our vision.  We are delighted to have TPL as our partner for this product”. Speaking on the same topic, Kriya Patel, MD of TPL commented: “TPL is delighted to be supported the TAP Prepaid MasterCard project and look forward to continuing to work with such an initiative partner like TAP with the roll out o their in-demand solution”.

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