Mycelium has collaborated with startup Zamzam to co-develop a hardware storage wallet in the form of a smart card.
The cards will integrate with Zamzam’s mobile banking and acquiring system.
Mycelium offers a next generation payment system that connects merchants and consumers via a blockchain-based card and mobile wallet, while Zamzam is a blockchain-based bank.
Connecting via blockchain
The multi-phase collaboration will initially enable Zamzam mobile wallet users to utilise new smart cards for storing digital currencies. This will be possible after synchronising the cards with the mobile wallets.
Later, Zamzam users are expected to be able to use the cards for goods and services payments at merchants having the Zamzam acquiring system.
Zamzam then plans to secure Electronic Money Institution (EMI) license in Luxembourg. The move is intended to facilitate storage of digital currency as well as fiat money on the smart cards.
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The implementation and distribution process also involves two stages, initiation of Zamzam smart cards production and extensive implementation of the Zamzam acquiring system.
The partners noted that the smart card will eliminate the need for third-party payment systems such as Visa and MasterCard. They expect the new products to enable use of digital currencies for everyday goods and services transactions.