NetCents Technology has partnered with fintech firm XTM to facilitate cryptocurrency transactions and loading of payment cards.

NetCents will provide the technology to enable cryptocurrency payments for XTM’s card programmes. It will allow users to load funds to XTM mobile wallets in near real time.

Customers with cryptocurrency account can redeem the funds for an online or card payment.

The alliance provides an alternative to cash transactions via transfer of funds to any Today mobile wallet. NetCents noted that cash transactions in Canada dropped from 54% in 2009 to less than 30% currently.

XTM CEO Marilyn Schaffer said: “Our strategic partnership with NetCents demonstrates our continuance to extend the breadth and depth of the value we offer our user base.

“With the upcoming launch of our closed loop community currency solution in California, adding cryptocurrency as a method of funding the wallet fits as an innovative digital load option in our quest to dominate a cashless ecosystem.”

This is the second alliance to leverage NetCents technology base. Initially, the company worked with Visa as part of the Fast Track technology incubator.

NetCents CEO Clayton Moore said: “The company has a dual path strategy to be both vertically integrated as a consumer facing brand as well as to develop and deploy a suite of products that can be shared within a broad crypto based ecosystem.

“This strategy will allow us to continue to embed ourselves into the mature traditional payments infrastructure, and we will grow organically as Crypto becomes a larger asset class and more of a transaction medium.”

NetCents completed the technical integration of its credit card in March this year.