Slovenia-based fintech NAKA has introduced a payment scheme running fully on smart contracts and a self-custodial payment card, both compatible with the EMV standard. The new offering encompasses a unique payment scheme running fully on smart contracts and a self-custodial payment card that is available to anyone without any bank intermediaries.

The NAKA payment scheme and card are fully compatible with the EMV standard, an acronym representing Europay, Mastercard, and Visa. This allows compatibility with virtually any point-of-sale (POS) system on a global scale. The NAKA card and scheme will undergo initial testing in two strategically chosen locations: Switzerland and El Salvador.

These regions have well-developed POS terminal infrastructure for accepting Bitcoin payments, making them ideal for evaluating NAKA's cryptocurrency and card payment solutions. NAKA's payment system will effortlessly accommodate Bitcoin on the Lightning Network (LN) and the stablecoin USDt across the Polygon, Tron, and Ethereum networks, enhancing its flexibility and practicality. What is the NAKA card? NAKA designed a self-custodial payment card that can be acquired by any user.

The card links to a non-custodial wallet and enables its user to manage his funds at his discretion. The new NAKA card is opening the door to decentralised financial services, benefiting unbanked individuals and those who lost trust in centralised financial institutions. The card is backed by the NAKA payment scheme, a blockchain-based payment network that executes transactions and settlements by relying on smart contracts.

Benefits of using NAKA Compatible with the legacy payment industry standards, the NAKA scheme and card have the potential to be used on any conventional POS device. Moreover, the NAKA card can be issued by any legitimate company either as a so-called primary issuer, where the issuing of cards is communicated directly with NAKA, or through a NAKA sponsoring issuer. During its test phase, the NAKA card will be supported at all NAKA point-of-sale locations across Switzerland and El Salvador launching in October and November 2023.

NAKA cardholders are able to use the NAKA decentralised application (dApp) to connect their NAKA cards to a wallet, managed by MetaMask and fund their cards with their MetaMask assets (USDt on Polygon supported) or top them up directly with USDt on the Polygon network. NAKA powers three Bitcoin cities After the official launch, NAKA will be supported in three Bitcoin Cities across the globe: Lugano, Switzerland; San Salvador, El Salvador; and Ljubljana, Slovenia. After the initial phase, NAKA will expand to other markets as well.

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