Hardware crypto wallet Tangem set to integrate VISA payments

Tangem, a business specializing in hardware wallets and based in Zug, Switzerland, has recently unveiled plans for a comprehensive product upgrading and rebranding initiative aimed at bolstering its market presence within the hardware wallet industry.

Tangem’s recent enhancements are in line with its attainment of VISA certification for its payment solution, which seamlessly combines the chip of the payment card with Tangem’s applet. This integration empowers users to conduct transactions directly at all 95 million Visa terminals worldwide, using their cryptocurrency, according to the latest information shared with Finbold on September 8.

The recent advancements are a result of Tangem’s remarkable expansion rate over the previous month. The number of monthly active users has seen a substantial rise of 738% since the recent product launch in the previous year. Tangem aims to capture a portion of the market now dominated by prominent hardware wallets like Ledger Wallet and Trezor. 

Tangem rebranding efforts

During a recent X Ask Me Anything (AMA) session, the team at Tangem revealed that their rebranding efforts would include several enhancements to the product design and improvements to the hardware wallet. The rebranding initiative includes a comprehensive overhaul of the Tangem app, the development of a fresh brand style guide, the introduction of an updated logo, the creation of new cards, and the design of new packaging. 

Furthermore, the application will undergo enhancements to augment the user experience. These improvements include the implementation of features such as token sorting and grouping capability, the integration of a dark style option, the provision for users to conceal their balances, and the introduction of a novel transaction history feature. 

The team further incorporates enhancements, such as conducting an assessment of the newly implemented firmware. Significantly, the outcomes of the audit might serve the purpose of validating the firmware of a certain card. Given that the firmware is not subject to updates, this implies that every user has the ability to examine the firmware and possess complete assurance about its immutability. 

Additional enhancements include round-the-clock human assistance in many languages, an address book feature facilitating seamless transactions with frequently used addresses, and the imminent introduction of a novel product page on the organization’s website, scheduled for release on September 10.

The team’s announcement further verified the global distribution and transportation of its hardware wallet to more than 140 nations, facilitated by its three warehouses located in Europe, the USA, and Hong Kong, commencing on October 10. 

The recent expansion in its user base indicates “the latent capacity of Tangem to push for mass crypto adoption and better security of funds, ” as a spokesperson from the firm stated. 

Visa integration

The notable cooperation with VISA, marking a significant milestone since its inception, aimed at introducing a novel payment solution. In the previous year, Tangem was granted a VISA accreditation, enabling users to make payments at more than 95 million merchant locations that accept VISA. 

This functionality is facilitated by the use of Tangem’s applet, known as Tangem Pay. The proposed payment card aims to be the first autonomous payment solution that is seamlessly incorporated into a worldwide payment network. 

The integration of the Tangem applet with the chip of the VISA payment card serves to enhance the ease and efficiency of payment transactions. The technological advancement enables the storage of both the public and private keys of a bitcoin wallet inside the bank card. 

When the payment card is used in a payment terminal, it has the capability to create a Visa payment message. Simultaneously, it also generates a one-time password (OTP) which is utilized to authenticate and authorize a transaction on the blockchain. 

Tangem’s payment solution distinguishes itself from other crypto payment options by virtue of its exclusive feature: the integration of payment functionality inside the Tangem card, which serves as the only hardware cold storage wallet to provide this capability.