Overview: Stack is powering users to pay with cryptocurrency at any point-of-sale system through its smart digital wallet.
The Toronto-based fintech company has partnered with STK Global Payments to support the exchange of STK tokens—a blockchain-based currency—through Stack’s mobile payment options. Stack said the move makes them the first fintech company to enable instant and contactless mobile cryptocurrency transactions.
“We’re working towards a universally accessible alternative to traditional banking that allows you to store your money safely, access it instantly and transact with it anywhere, in any currency, including cryptocurrency,” said Stack CEO Miro Pavletic in a release. “The STK token will simplify the blockchain process so that you can use cryptocurrency as easily as you would a debit card or cash.”
Stack is a personal finance platform that allow users to manage their money from a smartphone app—without the banking fees. Currently in private beta, Stack is expecting to launch nationally by the end of the year, followed by a U.S. expansion in early 2018. In September, Stack announced a partnership with Mastercard that added a mobile tap-to-pay option to the digital wallet app.
STK’s blockchain payment solution can be implemented globally, but Stack will be the first company to harness the technology. Stack published a white paper explaining the behind-the-scenes technology and their decision to add crypto payments.
With the addition of cryptocurrency payments, Stack app users will be able to use STK tokens for transactions at both brick-and-mortar and online stores–no traditional currency exchange required. Stack said they partnered with existing payment networks that will allow the cryptocurrency wallet to be used at 39 million merchants worldwide.