Deloitte and SETL created blockchain-based contactless payment card for Metro Bank

posted over 1 year ago
London-based fintech company SETL and global auditing firm Deloitte have joined forces to produce a contactless card that enables retail payments to be processed and settled almost instantly by the means of blockchain technology.

The payment card, which has been successfully tested by 100 users and is expected to go into commercial production by the end of 2017, has been created for customers of FTSE 250-listed Metro Bank. The test-users used their cards to pay for cupcakes in sterling, with both customers' and merchants' bank balances updated in "live-time".

The payment card uses Deloitte's "Smart Identity" blockchain system, with customer identity records stored and certified by Deloitte and then sent to SETL to set up user credentials.

SETL's CEO said the payment card would allow merchants to offer payment services to their customers for a much lower cost than the card providers that currently dominate the market.

SETL is part of the Financial Conduct Authority's regulatory sandbox and has been issued with an e-money license by the FCA.
Tags: blockchain, news