Tangem is introducing Tangem Pay, a groundbreaking payment technology that merges the worlds of traditional banking and digital assets. This Visa-certified solution allows users to spend cryptocurrencies like Tether directly from their self-custodial wallet. They can use it seamlessly with merchants’ payment terminals or online. Certified by Visa in February 2022, Tangem Pay offers a user-friendly experience. It integrates the ease of a traditional bank card with the security and autonomy of a self-custodial crypto wallet. Visa & Tangem Get Together.
But what is it?
What sets Tangem Pay apart is its ability to function with or without a seed phrase. Unlike many other crypto wallets that require a seed phrase for recovery, Tangem Pay uses a smart contract-based system. This system simplifies access while maintaining security. The technology is available with just one card. It provides users with a seamless payment experience without the need for complex recovery phrases. According to co-founder Andrey Kurennykh, this innovation marks a significant step. It bridges the gap between traditional financial systems and digital assets.
Tangem plans to offer Tangem Pay to users of other wallets, such as MetaMask, Ledger, and Trust Wallet. This will allow for more widespread adoption. The company is also developing a platform as part of a software-as-a-service solution. It will enable any wallet or bank to issue crypto payment cards under their brand. This move will revolutionize how both businesses and consumers interact with cryptocurrencies. It allows banks to integrate crypto solutions into their existing product lines seamlessly.
The mechanics
Starting with Tether on the Polygon network, Tangem Pay will support a wide range of cryptocurrencies, with plans to expand this offering over time. Visa’s Cuy Sheffield, head of crypto at Visa, highlighted the importance of this collaboration, emphasizing how it is setting the stage for next-generation payment solutions that prioritize both ease of use and security.
A growing follower-base
Since its inception in 2021, Tangem Wallet has grown significantly. The wallet, which is card-shaped and offers both seed and seedless wallet activation options, allows users to store major cryptocurrencies such as Bitcoin. The technology has proven to be popular, with Tangem boasting over one million cards produced and its wallet now available in 160 countries.
Tangem’s success with self-custodial wallets is notable, with 80% of users activating their wallets without seed phrases thanks to Tangem’s smart backup technology. A Tangem wallet can contain up to three identical cards, functioning like having multiple keys to the same door. This feature offers an extra layer of security and convenience for users who may worry about losing access to their wallet.
As the demand for crypto payment solutions increases, Tangem’s vision is clear. By bridging the gap between traditional and digital payment systems, Tangem Pay is poised to redefine how users and businesses manage and transact with digital assets. This latest development solidifies Tangem’s role as a pioneer in the growing field of crypto payments, helping to pave the way for more mainstream adoption of digital currencies.
Tangem Pay’s launch is eagerly anticipated by crypto enthusiasts and tech-savvy consumers alike. By providing an innovative solution that allows for the seamless integration of crypto payments into everyday life, Tangem is pushing the boundaries of what’s possible in the fintech and blockchain spaces.
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