Cardano Partners With COTI To Enable Merchant Transactions via ADA Payment Gateway
Cardano, based in Zug, Switzerland recently partnered with COTI, an enterprise-grade fintech platform to create an ADA payment solution for merchants.
The ADA payment system will be launched in November this year, and it will help merchants to process payments in ADA and receive payments in 35 different local currencies into their bank account. This was announced by Cardano on October 23, in an official blog post.
In the wake of this partnership, Shahaf Bar-Geffen, CEO of COTI, expressed how delighted his team was to partner with Cardano in developing such a payment gateway. He said:
“We are pleased to team up with the Cardano Foundation in building a unique payment solution for merchants seeking adaPay checkout functionality. We have a lot to the mutual trust and support between the Cardano ecosystem partners and COTI. This joint effort is one of the first steps we are taking in delivering a truly universal payment solution and expanding the COTI tech stack beyond our own ecosystem. The ways people exchange value is changing for the better, and the future is looking more promising for payments.”
According to the report, while COTI will develop and implement the service in such a way that will make the ADA payment gateway simple to deploy for merchants; Cardano will take advantage of COTI’s Universal Payment Solution 36 (UPS) to power the ADA payment gateway solution which will then extend the utility use case for the token. All the possibilities associated with COTI UPS will be extended to ADA merchants.
With either a QR-based PoS or an ADA pay button, the payment solution will be easily integrated directly into a merchant’s website.
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