Coinmama is engaging with TrueLayer to achieve open banking account-to-account payments within its European exchange platform.
The exchange has been at the forefront of the financial revolution ever since its 2013 inception when it allowed customers worldwide to buy bitcoin with cards.
However, traditional payment methods weren’t built to deliver efficient fiat to crypto on-ramps.
Cards and digital wallets generate costs through interchange fees, chargeback penalties and time-consuming manual tracking processes. There is also the issue of rising card fraud in Europe, which totalled €1.55billion in 2020. Card-not-present fraud accounts for 76 per cent of those cases. France, Germany and Spain all ranked in the top five for card fraud losses.