Mycelium Payment System and Zamzam Blockchain Bank to Create Smart Cards
Zamzam and Mycelium Announce their Liaison: Smart cards holding digital currencies
Zamzam blockchain bank and Mycelium payment system have agreed to merge efforts to produce a hardware storage wallet in the form of a smart card that will be integrated with Zamzam mobile banking and acquiring system. Both Blockchain powers aim to solve one of the critical problems hindering the introduction of blockchain technologies in everyday life, which is, the opportunity to use digital currencies in payment for goods and services.
Several stages will be involved in the liaison. At first, With the smart cards users will be able to store digital currencies upon synchronization them with their zam mobile wallets. Zamzam users will then be expected to have the ability to pay for goods and services at locations that have installed the Zamzam acquiring system.
In the near future, Zamzam plans to obtain an Electronic Money Institution (EMI) license in Luxembourg, that will allow Zamzam users to store both digital currency and fiat currency on their smart cards. The implementation and distribution process of the new product will involve two stages which are: the launch of production of Zamzam smart cards and the widespread implementation of the Zamzam acquiring system.
One peculiar feature of a smart card is its independence of third-party payment systems such as Visa, MasterCard and SWIFT. In addition to this, it is highly secured. It contains a computer that processes data directly without the use of a remote connection and their microchips are individually encrypted such that the data stored is only accessible using a secure key.
This makes it a convenient wallet for decentralized storage of digital currencies.
What is Zamzam?
It is a Turkey based startup led by founder and CEO Iliya Biniaminov. Its mission is to speed up the process of the transition from a traditional monetary system to a fully digital economy and is focused on building a blockchain based bank with a digital banking license. It promotes openness being Blockchain based, efficiency and fairness by providing users with a choice between centralized and decentralized assets storage.
Zamzam recently launched a demo version of Zam.wallet with its main innovation being the sending of cryptos by cell phone number, even if a payee has not yet installed the Zam crypto-wallet. Users who take part in the open testing of cryptocurrency transfers by phone number will be rewarded with ZAM tokens.
What is Mycelium?
Mycelium is a next generation payment system that brings merchants and consumers together with a blockchain-based card and mobile wallet. It has more the 200,000 users in its grasp and also wants to extend the audience of digital currency users and improve ease of digital currencies use.
It is a comprehensive alternative to systems by utilizing a few hardware elements to achieve unparalleled efficiency.