Facebook’s announcement that it will enter the cryptocurrency space offering a new coin called Libra and an incremental build on its current payment system is an incredible third-party endorsement of blockchain, cryptocurrency, and digital wallets.
Analysts and media around the world are writing about Facebook’s private, controlled, centralized, verified, and authorized system that offers a coin that will be managed by a consortium of corporations and will enable purchases within Facebook’s walled-garden ecosystem.
We’ll take the endorsement and the heft of Facebook’s marketing budget that will lift understanding of the entire industry. With 2.38 billion monthly active users who will now come to learn about cryptocurrency as a payment solution, what we’re most excited about is the opportunity to remind the market about NetCents and how we enable customers the freedom to Pay. Your. Way. regardless of where they choose to shop.
Truth be told, what Facebook is doing is not new or revolutionary. At NetCents, we’re already exceeding what Facebook hopes to do in 2020. And we’re doing it globally, securely, across industries and without the confines of a closed loop system.
With the advent of mobile technology payment systems, every shopper essentially has a bank in their pocket or purse. As consumers increasingly explore available personal finance management options, they don’t need to rely on existing legacy infrastructure. Gone are the days of traditional, centralized financial systems – be they run by banks, large tech companies or other institutions.
Our approach proves we’re ahead of the curve that Facebook is just starting to explore.
Over the past 6-months, 600 hundred new merchants have signed on to use NetCents’ payment processor. We offer a branded crypto credit card accessible at 40 million merchants, worldwide, where Visa is accepted. A card that doesn’t require a pre-load, it’s tied to a user’s wallet.
Our Merchant Gateway already powers cryptocurrency transactions for advertising and subscription-based services. We’ve integrated cryptocurrency and payment processing into a wide range of industries for both card-present and card-not-present purchases. And across 28 Caribbean countries, we’re the crypto merchant in the luxury hospitality, tourism, and gaming industries.
And we’re keeping our systems, customer, merchant and partner data secure along with being registered as a Money Services Business (MSB) with FINTRAC. Facebook’s reputation for censorship, security breaches, misuse of data, and de-platforming creates a significant trust hurdle to overcome before people will trust them with their money.
With all eyes now on our industry, a key opportunity for NetCents is to profile our solution and welcome Facebook’s Libra coin into our coin agnostic clearing house between merchants and customers.
According to CoinLore, there are 2395 cryptocurrencies around the globe, and Libra is only one of many new coins likely to hit the market in the next year.
With NetCents, merchants and partners have flexibility and control in how they accept cryptocurrency payments from their customers. Merchants don’t need to worry about which currency from which platform. As a payment system between merchants and customers – NetCents acts as a coin clearinghouse to ease the transaction between customer and merchants. Our payment solution helps merchants thrive in a competitive landscape, quickly, safely, and securely.
One of the largest social media and networking platforms just dove headfirst into our industry. A watershed moment where cryptocurrency, digital wallets, and blockchain are now on the radar of billions of consumers. We look forward to tapping into this new consumer awareness, letting them know they don’t need to wait to 2020 to have what NetCents offers today.