Open Banking payments gateway Volt has formed a partnership with cryptocurrency exchange platform Kriptomat, whereby European customers of the platform will be able to make real-time account-to-account (A2A) payments to buy, sell and exchange cryptocurrencies.
The new partnership means that Kriptomat can provide its more than 500,000 users, mostly in emerging markets in Central and Eastern Europe, with a “much faster, more streamlined and less expensive way” for customers to fund crypto purchases.
Rather than using bank transfers, credit cards and e-wallets for their transactions, with funds typically taking up to three to five business days to reach accounts, when paying with Volt, Kriptomat users will be directed to their banking app, where they can authorise payments using their usual authentication method, for near-instant transfer of funds.
Srdjan Mahmutovich, CEO of Kriptomat, called its integration with Volt.io’s A2A payment solution “a must-have”.
“The crypto world has entered a new phase. New technologies always start with enthusiasts who study the underlying science and build their own rigs. That was the state of crypto a few years ago,” said Mahmutovich.
“Today’s new crypto users are more like car owners, who expect to turn the key and have it work immediately – without learning the ins and outs of the processes that happen in the background. Volt’s technology has helped us provide that level of usability to our customer base.”
Kriptomat, which was founded in Tallinn, Estonia in 2018, enables trading in more than 300 cryptocurrencies including Bitcoin, Ethereum, Tether, Cardano, XRP, Litecoin, Polygon and Tron.
Volt’s chief revenue officer Matt Komorowski said: “Replacing traditional payment methods, such as cards or bank transfers which were created for a world of in-person interactions, Open Banking payments are faster and more convenient for users, better at protecting against fraud, and less costly for businesses.
“We’re excited to partner with Kriptomat and support their mission of making crypto trading accessible to everyone in a way that is both compliant and innovative.”
He added that Volt is seeing rapid adoption of real-time payments across several sectors, such as ecommerce, automotive and digital services.
Listen to Matt Komorowski on the Open Banking Expo Unplugged podcast discussing the potential of real-time payments and why account-to-account payments have gone mainstream so rapidly in Brazil and India.