Tangem Pay: VISA x Tangem

hello and welcome to today's special edition episode in which we explore the future of financial services in today's session featuring our upcoming release of tangent P we have an exciting lineup today with representatives from visa and tangum here to share insights on our groundbreaking developments in this sector tangum pay is not just an extension of our existing products it's a technological development built on the microchip together with the VISA applet offering a unique self-c solution for anyone whether you're a longtime tangum user or you're brand new to our ecosystem tangum pay is designed for everybody not just if you're just a prior user of tangum so anybody can use tangum if you would like tangum P specifically so whether you have a ledger a treasure metamask or any other wallet you can come and join the tangent pay ecosystem with us today by utilizing tangent pay important to note to all of our users very important to get this out the door immediately is this will be a brand new product so tangum pay is not affiliated or working with existing uh tangum ecosystem products so any existing uh tangum wallet products that you currently have will not be affected so for the purposes of today's session we will just be discussing our new Innovations and keep in mind this is also just only in relation to the upcoming tangent pay product launch so without further Ado let's bring in our guest uh as we delve into the details of this Innovative solution and we hope from visa and tangum directly about the future of finance and the potential of blockchain Technologies all right let's kick this off and bring in our guests [Music] hello everybody how's everybody doing I hope everybody's okay how about we just start with introductions um Michael you can kick off with yours can you give us an introduction about yourself and your background here at tangum yeah hi everybody thank you for having me here um my name is Michael B I'm leading the payment uh division on the tanum uh company and uh especially focusing on the product we're going to discuss today brilliant okay Mikey let's lead with you give us an introduction about yourself sure um hi Anna hi Michael hi everyone it's great to be here thanks for inviting me to the session today uh my name is mAh horong I am Visa's Regional crypto Elite for Europe and that means I'm responsible for operationalizing and delivering our crypto strategy in the region before that I was leading Visa CBC commercialization strategy globally and my background is in government relations so great to be here and looking forward to this de session brilliant nice concise flowing smoothly everything's great thank you so much how about we just kick it off with starting the questions immediately and we'll go from there okay Q The Boll so our first question will be directed at the tangum team so Michael if you could take this one can you share the story behind tangent pay and its core idea yeah sure uh I think it's worth telling that tangum cold wallet uh has gained its popularity among the users uh due to several factors uh first of all uh it's very convenient form factor of the plastic card so it's very easy to use it simple to carry in your pocket and it's using strong security mechanism to prevent uh losing your private keys in any case so the cheap is used inside the inside the T wallet is is very very secure and it's proved by many years of using these Technologies all around the world and it's also very important to say that the the mechanism users access to the tangum wallet is very simple so starting from the activation and then uh signing any transactions it's very very simple uh smooth and uh we using our mobile app and NFC technology to access the chip the next thing is that uh it's it's very similar to the payment card so you could mention that the size is the same the form factor is the same and once a day we we thought that uh it will be brilliant idea to combine two uh very important part of the payments first part is the wallet itself and the second is the payment card so uh we put our uh best technology into the one chip together with the visa application and make uh the mechanism uh available for the payment terminal to use the data from the tangent wallet for the uh transaction every transaction user can make so this is the uh story lying behind of the uh inventing this technology and starting this product life brilliant okay it's a very nice introduction to everything that tangum does and what tangent pay promises to be in which case how about we start with the next question I think Mikey this would be directed at you so uh question for Visa then can you outline Visa strategy for engaging with web3 projects sure uh great question thank you um at Visa we want to add value to all forms of money movement right whether that's within the Visa Network or beyond the network so our role is to support an area of ways to pay and to be paid and study new technologies like blockchain Technologies uh that may impact the future of payments and so our strategy for engaging with projects um and our focus in the digital asset Space is really to serve as a trust of bridge it helps to connect both um platforms and new technologies in the crypto ecosystem with our Global Network of 130 million Visa accepting merchant locations and 14,500 financial institutions um so we partner with many different types of companies across the payment EOS System including those focused on crypto and digital assets uh and tonum is a great example of a hardware while a provider that has chosen to offer cards so the users can spend from a balance of a crypto asset or a stable coin to transact at in Fiat at Visa accepting merchant locations using that Visa credential um yeah brilliant okay um very exciting I love that uh we both have you both on board to explain more details about this let's continue on with all of our questions so this one again is directed towards you Michael uh so question for tangum what makes tangum pay stand out from other crypt Bank Payment Solutions the first of its kind on the market today yeah that's the one of the major question we receive from uh the users and from the people who learn about the product and uh the platform so it's it's very important to explain uh what is the difference from uh the cards the crypto cards we could see and find uh on the Today market so for the end users uh this very very very important to mention that there this is this is the technology to create a true self custodial card without any need to trust uh access to your crypto to your crypto assets to anyone else so you are the only one owner of the assets and like in case if any disaster happened you should not uh you should not be in a in in a place a situation where you lose your money you lose your access to your crypto so this is designed to meet highest security requirements we uh we put in ourself and uh it turns out that uh the cart with the technology is literally like Bank in your pocket so you could use it everywhere and you could still rely on the situ this approach allows us to ensure a minimum level of risk blocking or losing access of funds for the users uh sometimes it uh could happen system doesn't work uh so you could you could need uh to access your money without uh relying on third parties at the same time uh there is a standard mostly popular standard EMV core uh in Industry which allows user to use the card and the technology everywhere to make a payment where Visa card is accepted perfect so am I correct in understanding that this can be used by anybody in the industry not just uh by existing tangum users correct so the original idea is to give all the people who uh store the funds in the crypto world to connect the cart uh with the tangum wallet inside and with the VISA app inside and make uh this crypto available for the payments all around the world brilliant okay well I'm sure that we'll have more and more details shared the more we get closer to the launch so I'm sure that some things will remain hidden for now but how about uh we direct the next questions towards Mikey uh so question for Visa what criteria does Visa use to select projects for collaboration well first of all I think it's important to mention that we don't pick winners and losers our job is really to understand the new tag that impacts our space and thereby to develop new expertise um helping our clients to um yeah understand the way consumers and businesses use new type of payment products and so we're really exploring and supporting novel approaches like the tundun one um where we see Visa credentials are being used for new payment experiences or help consumers to spend their digital currencies um in a in an easier way so we're really embracing these new products as a new opportunity for growth and Innovation but at the same time um of course our priority is and will always be to maintain the Integrity of the Visa payment system and to protect the interests of our consumers merchants and clients and so if you ask what criteria we're looking out for when we partner um with web through projects they really each web through project will need to meet our criteria for secure and reliable payments um and that includes having appropriate safeguards and standards in place so um that's really on top of mind for for all our projects okay sounds relatively straightforward uh I like the fact that you guys are very uh strict with all of your wording in terms of there's no winners Losers of course it makes perfect sense uh we are very grateful for Visa's support and making sure that tangent pay continues forward all right um let's direct the next questions back at you Michael uh so next question is for tangum again so what do um let me begin that again apologies uh question for tangum what steps does tangum pay take to ensure a seamless user experience during transactions yeah for uh for the user we we would like to have a best experience so we all know how to pay with the regular cards we want to repeat the same experience so no need to wait no need to top up in advance so instant payments uh for the tangent pay enables real time transactions and uh this is leveraging by polygon uh Technologies processing payments instantly without any sacrificing on of security or efficiency the second thing and second Factor we we support multicurrency approach so tangent Baye designed to support wide range of Fiat stable coins or cryptocurrencies facilitating smooth and CrossCountry cross currency transactions uh the global acceptance is very very important to mention so as I said before uh this card should be accepted everywhere where Visa is accepted so it's it's more than uh 200 countries supported and uh million millions of stores uh for our users could be accessible uh for for these payments and the last part is we have a very very good and proof track record uh we issued more than a Mill and a half uh wallet cards uh all around the globe and Technology demonstrated its reliability and Broad Market acceptance so this is the three factors I think which is important to mention answering this question makes sense all right is there something maybe that I could ask additionally so could you explain in layman's terms uh why this is important in terms of I don't think people quite understand how um it is possible to have a transaction being confirmed relatively quickly so what we you need to do from tap till confirmation so first it's uh important to activate the C so when you receive the card uh you need to activate it and you need to connect your existing uh crypto wallet uh to the uh to the cart to make transaction happen after you did it uh there are several settings uh which is required to to be made so we we need to ensure that uh in in a different scenarios this will this card will support uh the transaction in smooth way and then uh the magic is uh where you just go and tap uh the card in the for example coffee shop you want to buy coffee and uh what's happened next so the cart interacts with the terminal and uh during the transaction cycle there it's kind of a milliseconds but there is a data important to sign the transaction in the blockchain will be added to the transaction directly on a post terminal and uh this data will be then used to validate your transaction and in one second an issuer will resp respon based on the data received from the terminal and from the card uh that yes you have uh enough uh money on your crypto account and uh yes there is a correct card used with a correct key uh at the end user uh site and if everything goes correctly you uh will you will get approv transaction you will get your coffee within few seconds as it's usual usually happen with the with the regular cards the magic is that we don't need to confirm it in advance so the transaction itself will uh will be supported by the data required to sign a transaction blockchain and uh this is really magic because uh no one right now is not is no one is signing right now the transaction during the authorization part uh with the blockchain data we could do this because we use the tangum cold wallet solution uh inside the tangum pay platform and uh this is very important part and important method to authorize the transaction uh without uh losing the user control on their crypto assets got it well next step would be to have uh the coffee made as quickly as you were able to secure that transaction uh so thank you so much for giving some details I mean for us uh as normal users it's it's uh it's nice to get a peek behind the door into how things work because for some people it might seem easy just tap and that's a ready solution but behind the scenes there's this whole technological process that happens so thank you for sharing some of those details Let's uh continue on to you Mikey in which case uh so question for Visa how do you see the future of Finance evolving with the introduction of self- custody Solutions in payment systems great question um I think the the evolution of crypto wallets in the past year has really been remarkable right so wallets have transitioned from this basic storage utility to very Advanced platforms that generate crucial information for crypto usage and so as we've seen this um this growth of of these new type of wallet Solutions um we've also observed that there is a certain type of consumers that really showing interest in that solution um so what they do is they position the consumer at the center of all economic it and really empowering them with greater control over their funds um by embedding the self custody solution um in the products and this transition has been a natural progression um spored by technological advancements and and that really really aligns well with the foundational ideas and principles of blockchain Technologies and so in the past Crypton native users um who frequently interacted with crypto um they might have been very familiar with those Solutions but now nowadays if you see more mainstream uh users or more Crypton nubies enter entering the space they will need a a more seamless integration of self- custody Solutions um into everyday transactions to really help to drive this wider adoption so Future Finance um I'm expecting to see more of that more of that integration and um seamless integration of the self- custody element with uh traditional payments and so leveraging these new technologies to really merge the benefit benefits of blockchain Technology with the convenience and the security of existing Payment Solutions as we know them today love that you've got all the great words there in terms of convenience security all the things we kind of stand for great okay in which case uh Michael back to you so question for tangum uh what measures are in place to ensure that tangum pay uh complies with regulatory requirements yeah that's that's the good part of the product and U uh we believe that this product should be compliant on a different Market we see different regulation uh because crypto industri is pretty new uh for the financial indust itself uh we need to comply with existing laws and uh we also need to comply with the standards uh which already uh used by the uh the the payment systems the uh Merchants uh all of these banking uh Security Solutions should be in place so at every stage from card production activation and uh using this card for payments uh we are Guided by industry standard and security standard and before starting the production of the product uh we successfully passed the certification of the Visa payment system we uh done uh all required tests uh and ensure that uh this system works perfectly to ensure compliance with the requirements from uh the uh regulatory perspective we uh we use the platform connected and focused to the service providers uh which is which could be named as a leaders of the industry and uh they do the best on the field of the transaction monitoring and data management systems uh on the market and finally I I would say that the tangent pay platform combines the best practices from centralized uh Solutions sex and uh also add uh the the magic of the distributed uh Solutions uh Dex world uh from the risk control and security perspective got it thank you so much for that okay next question will be directed back at you Mikey so question for Visa why are cars that are linked directly to a self- custodial wallet important to Visa's overall strategy well as mentioned before we don't really favor self- custody of a custodial models um each solution can work well for different consumers and different names and different type of consumers um but there is today a high degree of complexity when it comes to the ux so the the user experience but also interoperability and so um if you're in crypto for the most part you really need to be Crypton native to use these tools in a meaningful way um again if we if we try to um bring crypto to the mainstream and really attract new uh consumers to to crypto then blockchain Technologies need to somehow be abstracted away um from the consumers for ease of use so it needs to be very very simple and very convenient and easy for them to use these new products and solutions and as such it's a very logical next step for visa to explore how both self- custody and custodial Solutions can be linked with or leveraging VISA credentials to improve that payment experience for crypto users so um I think non-custodial as they have been emerging over time is just the logical next step for us to to see how you know that that type of Technology can be also leveraged in combined with um the Visa Network and Visa Technologies perfect so next step is just Evolution and moving towards new Solutions in the space makes sense all right uh we've got our last question coming up uh the time has flown by shortly you know when you're having fun and you're going to run through these relatively fast and quick but this is a question directed at both of you so I think we're going to start with Michael you answering this first and then Mikey you can wrap up this last question but here's the question so for both of you if you had to describe the future of Finance in three words or sentences what would they be yeah I I could explain it easily uh for me uh personally it's uh first it's decentralization so the the future of Finance should be decentralized because there are many reasons for that customers of financial services will enjoy an experience of the freedom and the true ownership of their access assets and uh uh I believe that the self custodial crypto cards it's like a good example for uh this trend so we believe that uh in in crypto World your money your control it's a number one priority and uh people love that and this is the reason why it's growing so fast the the second the second word uh is a Smart Finance so transfering values between people uh will be efficient as as efficient as possible so uh in the terms of the transaction costs uh regardless of whether you buying a cup of coffee or you transfer in a million dollar trench to the uh some kind of a charity Foundation uh the cost of the transaction uh should be as low as possible and as ient as possible so taking into account that actual resources required to do this transaction in blockchain for example it's really cost reducing solution and we will see that uh the more and more transaction rely on the new technology solution uh distributed uh solution uh using the blockchain so um no one wants to pay extra cost we know that and the future is lying on the efficiency in Smart Finance and finally this is the important part Mike several times mentioned that the security is key priority for uh financial industry so I believe that uh the the finance of future we will uh we will see that there will be significant growth in in in the security area so the the safer uh and improved security practices eliminating human errors or dishonesty for example 8 M right now uh usually counts the Cur uh giving the cash uh without any mistakes and we rely on these Technologies and we don't need to every time check uh the amount we received so this is the example where the technology brings the uh new level of customer experience so the transition from the centralized to decentralized finance model is just one example of in in in security and flexibility of the system um and we we will see it in the model world world as well so that's three points from my side brilliant okay in which case Mikey your take on the matter yeah I I need to find new words now um I think it's uh I'd start with digital so the future of money is digital so whether that's stable coins tokenize deposits or Cent to bank dig currencies whatever the form will take um I believe the the digital form of money has the potential to extend the value of payments to Greater number of people and places in the world so Future Finance um definitely digital I also think it's going to be open um at Visa we believe the future of payments is open um open networks that are clear transparent and that everyone can participate in uh enable greater consumer choice and competition uh and blockchain networks are inherently open and so um we We Believe believe that open networks um are good for for us and so I hope the future is going to be open um and then lastly interoperable so as we as we see more private and public blockchain networks emerging plus um the continuation of the existence of um existing traditional infrastructures um it will be important that these different parties can connect through a network with each other um can speak to each other and really help to facilitate payment trans transactions across these different netw works and so um yeah digital open and interoperable are my three words brilliant well none of those words coincided with each other in the way of nobody repeated anything everything was original and great to go thank you so much for both of your answers for this in which case uh how about we proceed to the final section which is just wrapping up our live stream so uh cue the b roll and I'll see you on the other side all right so final words for today uh thank you all so much for joining us all of our wonderful viewers and everybody who's listening in on today's session so our guests uh Michael and Mikey uh do you have any final words for us today anything you'd like to maybe share as some parting wisdom to our audience uh that would be the time to do it so Michael anything to add or just you can just wrap up just by saying thank you so much and that will be that um but this is the time to shine yeah thank you so much for uh this important conversation I think we uh we need to wrapping up this session we need to again uh finally say that we're doing something special uh for the finance uh we I I I personally uh don't remember the example where we could find the product uh combining two things uh very secure mechanism of storing your uh assets uh in in in in your pocket and then give uh the opportunity to use these assets everywhere so it's something very special very new we are going to uh launch and uh uh I'm very excited to uh explain how it works and excited to see how this technology will grow up uh in very near future uh so thank you thank you very much for uh doing this session and uh it's it was pleasure to um talk to you and answer your questions thank you so much for your parting wisdom in which case Mikey up to you yeah a big thank you for my side as well it's been a pleasure to share some insights on like Visa's crypto strategy with you and to talk about the uh Visa CH Jam card um thank you also for everyone who's tuning in um the conversation doesn't have to end here so feel free to reach out and keep the dialogue going and I'm very excited to try out and test the the card once it's launched so thank you I think we all are we're waiting for that moment until you can just have self- custody in your back pocket and ready to pay for any coffee at any moment in time okay in which case ladies gentlemen thank you so much for joining us today uh we look forward to a terrific partnership between two parties uh and here's to tangum pay and The Wider market adoption of Bridging the Gap between uh new financial instruments and financial uh traditional tools so everybody thank you so much for joining us uh ladies gentlemen thank you and um until next time