TAP’s ability to facilitate real-world payments are done through an intuitive protocol. While the concept is simple, the technology providing the service is complex. TAP provides users with a wallet; whenever users want to transact their holding, the highest bid on the largest Crypto exchanges is filled to instantly access fiat for the merchant. While TAP is not the first card provider to the Crypto community, it is providing the most advanced and community-centric service.
TAP vs Crypterium
Crypterium began its ICO over a year ago and raised over $50 million to develop a Crypto bank. However, the major portion of its development has, so far, been on the provision of a digital payment card. While Cryptereium’s digital payment card has seen considerable adoption, TAP’s offering is easily the next generation payment card for Crypto holders.
Despite launching its ICO over a year ago, Crypterium’s card offering remains digital. The project still has no clear deadlines on the roll-out of its physical payment cards. Thus, Crypterium users can only transact Crypto at locations that accept payment Apple, Android, or Samsung Pay.
On the other hand, TAP will be launching with its physical cards ready-to-go. This allows TAP’s users to be able to transact at far more locations as point-of-sale systems that can support payment cards greatly outnumber those that support digital payment services like Apple, Android, or Samsung Pay. Thus, TAP’s users will be able to spend their Crypto at not only all the places Crypterium’s users can, but also at hundreds of thousands of other merchants that can only support physical payment cards.
Both TAP and Crypterium promise to access the best price when converting Crypto to fiat to fulfill the transaction. However, Crypterium does not disclose which services it uses to convert the Crypto; the company expects the community to trust that Cryptereium will access the best prices.
On the other hand, TAP clearly discloses its exchange partners. TAP has partnered with the largest and most liquid Crypto exchanges in the world – Binance, Kraken, BitMax, and Bitfinex – to access the best possible bids in the Crypto trading space at the time of a user’s purchase. Thus, TAP users can rest assured that when they make a purchase, their Crypto gets sold at the best bid on the major exchanges they are well-aware of.
Both TAP and Crypterium charge fees to fuel the conversion and payment. However, Crypterium utilizes its tokens only as a means to accepting the 0.5% transaction payment. TAP has a much more community-centric approach.
Anyone who holds TAP tokens can stake them to access various tiers of benefits. At the highest tier, 50,000 TAP tokens can be staked to unlock absolutely free usage of the card. Thus, TAP gives its greatest supporters the opportunity to completely dodge all fees. For users who intend to actively transact large amounts, TAP is offering a great benefit.
While TAP’s not the first payment provision to instantly pay fiat while holding Crypto, it is the most superior offering in the market. TAP’s physical cards will be usable at almost all merchants across the globe, will convert Crypto to fiat at the best rates at well-known exchanges, and would be accessible free of fees for users who want to stake tokens to get the Titanium card.