Cryptocurrency

S'pore Messaging App To Launch Cryptocurrency Debit Card By July, Eyeing Transport Cards Next

Earlier last month, Consentium signed a Memorandum of Understanding (MOU) with global payment platform, Blucon, to launch a Consentium-branded debit card by mid-July 2019.

The Singapore-based messaging app with an integrated cryptocurrency wallet aims to drive the mass-adoption of crypto and “[raise] the liquidity of its tokens (CSM)”, the media release stated.

The Consentium team expects to test the cards in June 2019 and will launch the cards for public use by mid-July 2019.

In addition, the two companies are also working towards launching a Consentium-branded transport card.

According to the press release, the Consentium-branded Blucon Debit Card is expected to work across many card-accepting retailers in Asia.

In South Korea alone, the card will be accepted at over 210,000 retailers.

Blucon also has key partnerships with Lotte Data Communications and Hanpay Systems, allowing cardholders to also use it for the nation’s transportation network.

Like traditional debit cards, it will facilitate real-time instant payment by connecting the users’ local banks to their exchanges through the BLU EXO-Platform, the statement said.

Unlike other crypto projects, Blucon uses existing financial networks that allows it to scale its ecosystem based on payment and conversion functions.

It will also allow for cash withdrawals of the local currency at supported ATMs through Blucon’s technology.

With Blucon expected to announce more partnerships across the region, Consentium Debit Card holders can expect increasing utility for their CSM tokens.

Consentium claims to have 40,000 active users and have seen USD$30 million worth of CSM token transactions as of January 2019.

CSM tokens are developed based on the Ethereum platform, and the company aims to go beyond simple chat applications and develop an advanced multi-feature app.

crypto debit card
Wayne Huang / Image Credit: Consentium

Wayne Huang, Marketing Head of Consentium, attributed much of the company’s growth to its community-centric approach.

“By catering to the needs of our CSM token holders, who in turn enjoy greater liquidity, we also increase the value and utility of the Blucon cards,” he said.

“It is a win-win situation for all parties.”

Only 22.8% of people in South Korea were found to have paid for their purchases in cash, underlining the growing popularity of cashless payments, according to a Blucon study in 2017.

South Korea ranked second behind the United States in terms of cards issued, having issued 95.6 million credit or debit cards issued to users.

Both firms recognise the need to address consumer concerns for hassle-free and secure payment solutions as preference for cashless transactions grow in many parts of the world.

Sabrina Kim, CEO of Blucon, said, “Our aim is to make cryptocurrency spending as painless as possible and enhance the retail economy with innovative solutions.”

The team at Consentium is made up of executives from Singapore’s iFashion Group as well as Jeno Overseas Ltd (JeO).

Featured Image Credit: Consentium Medium

 

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