NAKA Goes Live: The First Non-custodial Payment Card Fully Compatible with Traditional Payment Infrastructure

by Victor Dey

Published: October 25, 2023 at 2:12 pm Updated: October 25, 2023 at 2:13 pm

by Danil Myakin

Edited and fact-checked:

In Brief

The NAKA scheme is a payment network built on blockchain technology, yet it seamlessly aligns with the EMV (Europay, Visa, Mastercard) standard, ensuring compatibility with conventional payment infrastructures worldwide.

Imagine hooking your globally accepted Visa or Mastercard to your non-custodial crypto wallet – giving you sole control over your money, and being able to use it at any existing point-of-sale, ATM, cash register, e-commerce and more. Meet NAKA.

NAKA made its grand entrance onto the world stage with the unveiling of its groundbreaking blockchain-based payment system and EMV-compatible NAKA card. CEO Dejan Roljic announced this exciting development during his closing speech at the Plan B Forum in Lugano, Switzerland.

This moment represents a significant milestone in the history of payments, as it marks the first public demonstration of an EMV-compatible blockchain-based payment scheme and its corresponding self-custodial payment card, fully aligned with industry standards.

Already operational in Switzerland, the NAKA scheme and NAKA card have garnered support from over 300 stores in Lugano. This pioneering solution is soon to be available in El Salvador and Slovenia.

The NAKA scheme is a payment network built on blockchain technology, yet it seamlessly aligns with the EMV (Europay, Visa, Mastercard) standard, ensuring compatibility with conventional payment infrastructures worldwide. This innovation facilitates the integration of blockchain payments into existing payment systems, offering a clear path toward global cryptocurrency adoption.

NAKA payment transactions and settlements are executed via smart contracts on the Polygon network. This process is user-friendly, rapid, and cost-effective compared to traditional payment transactions.

What sets NAKA apart is its self-custody feature, granting NAKA cardholders full ownership of their funds without the need for intermediaries when managing their assets. 

NAKA’s CEO Dejan Roljic delivered an impassioned speech addressing the dire issue of financial exclusion, particularly among the unbanked population. He shared his vision of NAKA as a pathway to economic freedom, leaving the audience deeply moved. 

“Being unbanked doesn’t just mean not having a payment card. It means not having an option to ever get a fair salary or having a credit score. It means you will never obtain a loan. Having your own apartment is just a dream, but worst of all, you can never get old. There is no pension for people who didn’t receive their money via a bank account and paid taxes. Once you are old and living unbanked, you need to ensure you don’t get sick. If you get sick, you can’t work; if you don’t work, you can’t buy food, pay rent, or buy medicine” said Dejan Roljic, CEO of NAKA

Dejan’s message to the blockchain-savvy crowd was clear: NAKA is on a mission to effect positive change in society, and all who share this vision and passion are welcome to join the journey toward economic freedom for all.

The speech extended into a panel discussion, moderated by Joe Nakamoto, where Dejan Roljic, Paolo Ardoino (CEO of Tether Foundation), and Luis Pinedo (Head of Product at Bitfinex Pay) discussed how NAKA, Tether, and Bitfinex are driving cryptocurrency adoption in Switzerland, the European financial hub, and emerging markets such as El Salvador.

The NAKA team hosted an impressive showroom experience at the elegant Villa Ciani in Lugano during the Plan B Forum event. Visitors had the opportunity to shop in the NAKA shopping corner and witness NAKA card transactions in real time. A select few were even granted exclusive NAKA cards pre-loaded with USDt, accepted across the venue and throughout the City of Lugano.

Additionally, the NAKA team engaged in partnership discussions with various payment facilitators. NAKA has distinct partnership programs for Issuers, Acquirers, and Independent Sales Organizations, fostering a network of partners to expand the reach of the NAKA solution to new markets.

If you are interested in becoming a NAKA cardholder, please join the waitlist. For partnership opportunities, kindly contact us through the Partnership form on our website.

Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master’s degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends.
He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.

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Victor Dey

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Victor is a Managing Tech Editor/Writer at Metaverse Post and covers artificial intelligence, crypto, data science, metaverse and cybersecurity within the enterprise realm. He boasts half a decade of media and AI experience working at well-known media outlets such as VentureBeat, DatatechVibe and Analytics India Magazine. Being a Media Mentor at prestigious universities including the Oxford and USC and with a Master’s degree in data science and analytics, Victor is deeply committed to staying abreast of emerging trends.
He offers readers the latest and most insightful narratives from the Tech and Web3 landscape.