- The company is working to increase the speed of transactions involving cryptocurrencies
- Its new point-of-sale terminals offer an easy-to-use payment experience that can be completed in mere seconds
- The cryptocurrency ATM and transaction market is expected to grow at a CAGR of 45.8 percent through 2025, with the global point-of-sale terminals market expected to reach $116.06 billion by 2025
Virtual Crypto Technologies Inc. (OTCQB: VRCP), an Israel-based technology company whose main goal is to make cryptocurrencies more available to the general public through PCs, tablets, mobile applications, ATMs and other devices, has announced an upgrade to its cryptocurrency point-of-sale terminals. In addition, Virtual Cryptocurrency Technologies has updated its NetoBit application – a real-time algorithmic technology capable of confirming the purchase and sale of cryptocurrency, according to a company press release (http://nnw.fm/xM5OQ).
The new point-of-sale terminal offers a unique cashier-client experience with its two-way screen leveraging payment usage with which most customers are already familiar. Email addresses and similar types of information are no longer required for the transaction to be completed. This shortens the payment flow to seconds and makes it less complex. An app generates a QR code that has to be scanned for a transaction to take place.
On-site control for operators has also been enhanced, giving operators the option of enabling and disabling functionalities directly. It’s up to the operator to determine whether cash deposits and withdrawals will be enabled or if the point-of-sale terminal will solely allow for payments to be made.
The installation of the pilot program took place at Israel’s Lincoln Billiards Club at the beginning of June. According to Virtual Cryptocurrency Technologies CEO Alon Dayan, the new point-of-sale terminals provide a traditional process that increases the usability and approachability of cryptocurrencies. The initial response has been very positive, Dayan concluded.
Virtual Cryptocurrency Technologies has proven its adaptability when it comes to the rapid developments and the degree of uncertainty in the field of cryptocurrencies. NetoBit is one example of just how adaptable the company is in terms of meeting new regulatory frameworks and ensuring compliance. NetoBit’s software, utilized with a proprietary transaction validation algorithm, provides real-time information about cryptocurrency value at the time when a transaction takes place. The predictive algorithm is characterized by a high degree of accuracy when it comes to determining whether a cryptocurrency transaction is going to be approved immediately. As a result, NetoBit is capable of executing a zero-confirmation transaction, and the typical transaction time is reduced from up to 24 hours to just a few seconds.
The NetoBit ATM that was presented at TechCrunch in Tel Aviv enables real-time bitcoin conversions – the first for real-time sell/withdraw – enabling immediate sell transactions. Predictive analytical data and machine learning come into play here, increasing accuracy and solving one of the problems that the sector has had in terms of transaction validations and immediacy (http://nnw.fm/3vaED).
Through its adaptability, Virtual Crypto Technology can be expected to strengthen its market position significantly. The demand for cryptocurrency ATMs and point-of-sale terminals has been increasing over the past few years in the context of a significant segment of the global population (roughly two billion) being unbanked but in need of financial services.
The number of cryptocurrency ATMs has increased exponentially over the last couple of years, from 502 in January 2016 to 2,662 ATMs worldwide in April 2018 (http://nnw.fm/AO2Gw). Almost of all of these support bitcoin transactions, but only about half support other types of cryptocurrencies, such as ehtereum or litecoin (http://nnw.fm/Sw6AJ).
The cryptocurrency ATM market is expected to grow at a CAGR of 45.8 percent through 2025, reaching over $285 million (http://nnw.fm/KGa1A). While the popularity of cryptocurrencies is growing, there have been things standing in the way of mass adoption. Transaction speed was one of the issues, something that Virtual Crypto has now successfully addressed with zero confirmation.
For more information, visit the company’s website at www.Virtual-Crypto.com
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