The Good Tech Companies - Mercuryo and Revolut Launch Revolut Pay on Ledger, MetaMask, Trust Wallet

Starting point is 00:00:00 This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Mercurio and Revolut launch Revolut Pay on Ledger, Metamask, Trust Wallet. By Ashan Pandey, Mercurio, a platform that provides payments infrastructure, and Revolut, a fintech company operating in Europe and beyond, have announced the launch of Revolut Pay on non-custodial wallets. The service is made available on Ledger, Metamask, and Trust Wallet and is set to operate across a network of more than 200 merchants. Mercurio stated that the introduction of Revolut Pay on these wallets is part OFIT's ongoing rollout to expand options

Starting point is 00:00:36 for digital token purchases. The service enables users to convert fiat currency into digital tokens by accessing a non-ramp mechanism during checkout. Users who maintain a Revolut account select Revolut Pay at the point of sale and complete the transaction using an authentication step in the Revolut app. Customers who do not hold a Revolut account are able to complete the transaction by providing credit or debit card details. The service supports transactions within the European Economic Area, EEA, and facilitates payment in a selection of fiat currencies, including the US dollar, the euro, and the British pound sterling. The integrated identity verification process, Know Your Customer, or KYC,

Starting point is 00:01:18 is available to non-Revolute users as well. This process uses existing infrastructure that has previously processed identity verification for more than 40 million Revolut users. The identity check is designed to be completed within a short time frame. Mercurio has been active in the digital token space since 2018 and has for MED partnerships with various entities in the decentralized finance sector. The company's approach is to consolidate payment and banking solutions into one interface and to provide an option for on-chain integration. With this launch, Mercurio seeks to extend the range of access methods for digital token purchases by integrating

Starting point is 00:01:55 fiat on ramps directly with non-custodial wallets. Revolut, which began its operations in the United Kingdom in 2015, offers a range of financial services that include money transfer, currency exchange, and payment processing. The company has established a network of users that completes a large volume of transactions each month. With Revolut Pay, the company adds a feature that aims to reduce the number of steps required for a digital token purchase, particularly for users with an established Revolut account. The process for completing a transaction with Revolut Pay is structured in two parts. For customers holding a Revolut account, the transaction is initiated by choosing the Revolut

Starting point is 00:02:34 Pay option at checkout and confirming the payment through the Revolut mobile application using either a passcode or biometric verification. For those without an account, the service provides an alternative route through the entry of credit or debit card information followed by the integrated KYC process. This dual-path method is intended to offer access to digital tokens for a broader group of users. The rollout of Revolut Pay across multiple non-custodial wallets coincides with a trend in the digital token industry toward integrating traditional financial processes with blockchain-based asset management. The service is available on platforms that allow users to control their own digital tokens without relying on third-party custodians.

Starting point is 00:03:15 In this arrangement, users retain sole control over their digital assets while gaining a method to purchase tokens directly through their wallet interface. A review of the operational structure shows that the service reduces the transaction process to fewer steps than those typically required by traditional fiat-to-token conversion methods. The single-step confirmation for Revolut account holders contrasts with more extended procedures commonly associated with third-party payment processors. Similarly, the streamlined KYC process is positioned as an efficient alternative to more time-consuming methods of identity verification that have been used in the digital token space. Industry observers note that the partnership between

Starting point is 00:03:54 Mercurio and Revolut could contribute to changes in how fiat on-ramps are integrated with digital asset storage solutions. By embedding the on-ramp process within non-custodial wallets, the service may alter the pathway for users who are new to digital tokens as well as for those seeking alternatives to traditional custodial systems. The consolidation of payment and verification processes has the potential to influence transactional speeds and the overall ease of entering digital token markets. The arrangement also raises questions about the role of regulatory frameworks in the digital token ecosystem. The use of an integrated KYC process that draws on established verification systems may assist in aligning digital token transactions with

Starting point is 00:04:35 regulatory standards. This aspect of the service could become a point of focus for financial authorities as they assess the intersection between decentralized finance solutions and existing financial regulation. Final thoughts The introduction of Revolut Pay on non-custodial wallets represents an effort to merge established financial processes with emerging digital asset management practices. By providing a method to purchase digital tokens directly within wallet applications, the service addresses an aspect of the evolving relationship between fiat currency and digital tokens. This development may have implications for market participation in the digital token space. For users who prefer to maintain control over their

Starting point is 00:05:15 digital assets without reliance on custodial solutions, the integration of fiat on ramps offers an alternative pathway. The design of the service, which combines transaction initiation with an integrated identity verification step, reflects an effort to simplify what has historically been a multi-step process. Observers in the financial technology and digital asset sectors will likely track the uptake of this service to determine whether it results in an increase in the number of users entering the digital token market. The approach taken by Mercurio and Revolut may serve as a model for future collaborations between payment infrastructure providers and digital wallet operators. Moreover, OSS regulatory scrutiny continues to focus on identity verification and consumer

Starting point is 00:05:58 protection in digital token transactions, the use of established KYC systems could provide a framework for compliance. The partnership between Mercurio and Revolut, as expressed through the launch of established KYC systems could provide a framework for compliance. The partnership between Mercurio and Revolut, as expressed through the launch of Revolut Pay on Ledger, Metamask, and Trust Wallet, illustrates a coordinated effort to refine the process of purchasing digital tokens. The service introduces a unified process for both Revolut account holders and non-account holders, and it operates within a regulatory framework that emphasizes identity verification. As market conditions evolve, the impact of this collaboration on transactional methods and market participation will become clearer through further observation and analysis. Don't forget to like and share the story.

Starting point is 00:06:39 Tip Vested Interest Disclosure. This author is an independent contributor publishing via our business blogging program. Hacker Noon has reviewed the report for quality, but the claims herein belong to the author. Hashtag D-Y-O-R. Thank you for listening to this Hacker Noon story, read by Artificial Intelligence. Visit HackerNoon.com to read, write, learn and publish.

The Good Tech Companies - Mercuryo and Revolut Launch Revolut Pay on Ledger, MetaMask, Trust Wallet

There aren't comments yet for this episode. Click on any sentence in the transcript to leave a comment.