Specifically, Knaken has officially launched its new payment system, 'Settle,' with Buckaroo being the first Payment Service Provider (PSP) in the Netherlands to integrate the system. The partnership was formally announced during the Webwinkel Vakdagen 2024 event.
According to the official press release, Settle, developed by Knaken, provides a secure platform for users to conduct transactions with over 150 different cryptocurrencies, including Bitcoin, Ethereum, and USDC. It's also worth noting that Settle enables instantaneous payments without the necessity of a wallet.
In the official press release, representatives from Knaken highlighted the platform's commitment to safety and reliability, with Buckaroo sharing this vision as the first PSP customer.
The same source further reveals that in the Netherlands, where approximately 10% of the population is active in the crypto market, there is a growing trend of consumers using cryptocurrencies for online purchases. The collaboration between Buckaroo and Knaken addresses this demand, enabling Knaken users to make payments at ecommerce companies.
This collaboration aims to forward the adoption of crypto payments within the Dutch ecommerce sector, as Knaken's 'Settle' offers a prompt solution to the increasing demand for cryptocurrency use in online transactions. Officials from Buckaroo acknowledged the impact of this initiative, highlighting their position as the first PSP in the Netherlands to facilitate crypto payments for web shops through the joint technology of Knaken and Buckaroo.
Buckaroo provides online and in-store payment solutions to corporate organisations and small and medium-sized enterprises (SMEs), with its payment platform offering secure and fast payments. In October 2023, Buckaroo partnered with Silverflow to provide merchants with improved processing solutions.
Through this collaboration, Silverflow provided Buckaroo with acquirer processing solutions to support the latter’s expansion and allow it to scale its acquiring service throughout Europe and worldwide. By combining the payments knowledge and expertise of Buckaroo and Silverflow, the two companies intended to ensure fast, cost-effective deployment, while also meeting Buckaroo’s merchant growth plans. At the time, officials revealed that the partnership with Silverflow aimed to solidify Buckaroo’s commitment to developing a complete and unified card-acquiring service.
The partnership with Silverflow followed Buckaroo’s merger with SEPAY, a payment terminal provider. By acquiring SEPAY, Buckaroo extended its services to provide customers with access to payment solutions where they can buy, lease, or rent payment terminals for processing in-store payments.
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