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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