Volt, Kriptomat launch real-time payments for crypto
Following this partnership, Kriptomat will enable near-instant speed and friction free transactions, enabling its customer to buy, sell, and exchange cryptocurrencies in real-time, thus aiming to remove barriers for more than 500,000 users in trading over 340 cryptocurrencies.
The Estonia-based exchange platform has a growing customer base that exceeds 500,000 users, predominantly in emerging markets in Central and Eastern Europe. Apart from enabling the buying, selling, and exchange of cryptocurrencies, the platform also offers users a cost-averaging investment product that allows them to purchase crypto at fixed intervals in an automatic manner. Kriptomat enables trading in Bitcoin, Ethereum, Tether, Cardano, XRP, Polkadot, Dogecoin, Shiba Inu, Litecoin, Polygon, Avalanche, Solana, Tron, Enjin, Uniswap and over 300 others.
Additional details on the collaboration
By integrating a real-time account-to-account payments option with the use of Volt’s solution, Kriptomat aims to ensure an increasingly fast, streamlined and less costly way for customers to fund cryptocurrency purchases, as real-time payments help ensure that transactions are carried out instantly, offering improved control and a payment experience that is consistent and secure.
Earlier on, Kriptomat customers were using for their transactions either bank transfers, credit cards, and, to a lesser degree, e-wallets, which typically meant that the funds could take up to 3 to 5 business days to reach accounts, thus having added friction to the transaction process. However, Volt’s A2A Open Banking payments are near-instant, which means that customers are enabled to transfer and access funds in a faster manner. As such, by having Volt payments integrated, an improved and more efficient customer experience is provided when paying with Volt, as users are easily directed to their banking app, where they have the option of authorising payments using their typical authentication method, usually with biometrics of the likes of fingerprint recognition or face ID.
Speaking on the partnership, Kriptomat officials have stated that integrating with Volt’s A2A payment solution was considered essential, as the company’s mission is that of making cryptocurrency accessible for everyone. As per the information provided in the press release, today’s new crypto users have different expectations than when the technology first gained traction, with users now expecting to have everything work in an instant without having to learn the ins and outs of the processes happening in the background. Having this knowledge as its basis, Kriptomat is now able to offer that level of usability to its customer base thanks to Volt’s technology.
Volt representatives have added that replacing traditional payment methods of the likes of cards or banks transfers, which were created for a world of in-person interaction, with Open Banking payments, is faster and more convenient for users, helps better protect against fraud, and is also less costly for businesses. By partnering with Kriptomat, the company supports them in their mission of making crypto trading accessible to everyone in both an innovative and compliant manner, as real-time payments are believed to complement and help accelerate online business processes, being thought to be a fit for businesses in the digital economy. Volt officials have added that they have been seeing a rapid adoption of real-time payments across a multitude of sectors, with ecommerce, automotive, and digital services making use of the benefits associated with A2A payments worldwide.