London, 23rd March 2023 – Cryptocurrency exchange platform Coinmama has partnered with Volt, the leading global gateway for real-time payments, to enable open banking payments for its customers across Europe and Brazil. The partnership unlocks growth for Coinmama as it increases its coverage in key European markets, enabling real-time deposits and payouts for customers buying and selling cryptocurrencies.
By integrating Volt’s pan-European open banking solution for account-to-account payments, Coinmama can enhance the speed and ease of on-ramp and off-ramp experiences for its customers, building on the existing capabilities. Open banking payments eliminate the friction created by legacy payment methods for cryptocurrency trading (as card payments have long settlement times of up to 3-5 business days, and traditional bank transfers are potentially blocked as some banks enforce crypto bans to mitigate fraudulent activity).
Volt’s payment solutions are near-instant and enable customers to have full control of their funds. Coinmama is leveraging Volt’s hosted checkout page, which simplifies operations in European markets and enables customers to authorise transactions using their preferred authentication methods, usually via biometrics such as fingerprint recognition or face ID.
Cryptocurrency trading is amongst the sectors with the fastest adoption rate for open banking payments, as crypto buyers value the ease of use, security and control over funds. Overall, the value of open banking-powered payments reached almost $4bn in 2021 and is expected to exceed $330bn by 2027.
Founded in 2013, Coinmama has successfully created a secure and easy infrastructure for global users to buy and use digital currencies worldwide. Its growing community is now over 3.5 million strong, in over 188 countries, and trades in over 10 cryptocurrencies, including Bitcoin, Ethereum and other digital assets.
“Integrating Volt’s payment solution was an important part of our vision to make purchasing cryptocurrencies as safe and straightforward as possible. Our main goals are higher bank coverage and ultimately higher conversion, and a critical part of this puzzle is providing the fastest, digitally native payment options available. We started experimenting with open banking payments in Europe very early on, but we discovered a whole slew of issues where reality and theory clashed – teething problems such as IBAN discrimination, API reliability, payment disputes and fraud management issues. Volt has years of real-world experience in solving these challenges, and this partnership will help us provide a higher level of usability to our customer base, as well as support us in our goals to expand worldwide as fast as possible”, says Martin Kolbaek, VP of Payments at Coinmama.
“We’re excited to partner with Coinmama and support them in their growth ambitions across key markets like Europe and Brazil, as well as their mission to make crypto purchasing available to everyone worldwide. Real-time, account-to-account payments are the obvious fit for businesses in the digital economy, and a natural complement for crypto, which serves the same purpose as the one we seek with open banking for payments in fiat: instant value exchange. We’re relentlessly progressing on our endeavour to build a future of real-time payments everywhere”, says Thomas Pinter, SVP of Sales at Volt.
Volt is a London-based, global open payments gateway founded in 2019, building the infrastructure for real-time, account-to-account payments everywhere. Its open payments gateway allows merchants and PSPs to process transactions securely between accounts held at more than 5,000 banks in the UK, EU and Brazil, covering over 680m accounts.
Coinmama is a trusted crypto exchange that simplifies the process of buying and selling digital currency. With over 3 million customers across 188 countries, Coinmama offers quick and easy gateways in and out of Bitcoin, Ethereum, and other digital assets.