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Former Visa Managing Director to Foster Deals with Financial Institutions for Nuggets

August 02, 2018 03:20:38

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Former Visa managing director Kevin Jenkins has joined Nuggets in a move seen as a significant boost to the blockchain payments and identity brand’s expansion plans. The company has a firm goal of establishing partnerships with financial institutions, especially in Europe. On Wednesday, Nuggets posted a blog in Medium announcing that Jenkins joined the company as a non-executive director.

Nuggets CEO Alastair Johnson described Jenkins move to the company’s board as a significant development.

He said, “He’ll help us build the relationships we need to roll out the product as quickly as possible,” adding that Jenkins has an “amazing reputation for establishing partnerships with financial institutions, technology partners, retailers and eCommerce providers.”

Johnson said that Jenkins’ expertise would be instrumental for the company’s global roll-out plan.

For his part, Jenkins commented on the current model of business, which he stated that from a payments perspective, is no longer applicable. Johnson quoted him as saying:

“It needs fundamental change, study after study shows that customers are frustrated by the payments journey: the many steps they have to take, and the security fears. For decades, the payments industry has been trying to achieve a balance between security and convenience. What impresses me so much about Nuggets is that it manages to optimize both.”

“I’m convinced that every stakeholder in the payments ecosystem, from customers to retailers, will embrace Nuggets. I’m incredibly excited to be part of a genuine revolution.”

Nuggets’ chief added that the firm had made significant progress in China after partnering with Beijing-based mobile payment solutions provider QFPay. The mobile payment technology has an existing strategic partnership with Asia-based e-commerce giants like Alipay, WeChat Pay, and] China’s UnionPay, with more than one million merchants in the region.

According to Johnson, the team up with QFPay allows Nuggets customers the option to pay online without the need to share personal information like credit card details, ID or other personal details.

The company boasts that as an e-Commerce payment and ID platform, it stores all its users' information in the blockchain which eliminates the need to share the data with anyone. It claims that its system is impossible to breach.

Visa itself has embraced blockchain and cryptocurrencies.

In February this year, the credit card provided partnered with Manila-based Union Bank to link five rural banks to promote the adoption of Visa’s blockchain payments platform.

In the last quarter of last year, Visa approved cryptocurrency card payments platform Monaco to allow its customers to make purchases with digital currencies at any of Visa's 44 million merchants worldwide.

Category: News

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