The Selectcoin Point-of-Sale cryptocurrency solution of Fintech Select Ltd. (TSXV:FTEC) is vastly cost-effective and ubiquitous when compared with Bitcoin ATMs
Vasudha Sharma | February 26, 2018 | SmallCapPower: Buying Bitcoins is now as easy and accessible as swiping your card at a convenience store, thanks to Selectcoin, a Cryptocurrency solution introduced by Toronto-headquartered Fintech Select Ltd. (TSXV:FTEC). The financial technology company has an extensive Point-of-Sales (POS) footprint across Canada because of its long-time operations in pre-paid card programs, and wireless prepaid top-ups. Leveraging their large network of retail partners and using their proprietary solution, Fintech Select is converting a large number of POS terminals into Cryptocurrency exchanges. Customers can swipe their closed loop card at any of Fintech Select’s POS locations to purchase Bitcoin or any other Cryptocurrency.
The current crypto market size is currently around $500 billion US. It had a peak of around $800 billion in early January. Some experts are calling for a multi trillion dollar market size over time. Fintech Select via SelectCoin could potentially capture a large market share in view of the immense distribution footprint. Notwithstanding the volatility of the crypto space, their ‘picks and shovels’ approach gives them more upside reward and less downside risk.
Mohammad Abuleil, CEO of Fintech Select Ltd. (TSXV:FTEC) notes that the current process of buying and/or selling Cryptocurrencies is difficult for the inexperienced consumer, who is challenged by technology, multiple authentication processes, lengthy confirmation times, and limited availability at Bitcoin ATMs. According to data by Coin ATM Radar, while the U.S. has 554 Bitcoin ATMs installed, Canada only has 135.
Selectcoin Overcomes the Accessibility Challenge of Cryptocurrencies
Explaining how Selectcoin simplifies Cryptocurrencies for the average consumer, Abuleil details, “Someone can walk into a store and buy Bitcoins or other Cryptocurrency by swiping the Selectcoin closed loop card at the POS location. No further actions are required. By swiping the card, we are creating a digital wallet, linking the closed loop card number to the digital wallet that belongs to the customer, and transferring the purchased Bitcoins into that digital wallet.
At present, the Selectcoin solution by Fintech Select (TSXV:FTEC) lets you transact Bitcoin and Ether. The platform is, however, built to deal with other cryptocurrencies as well.
Buying Bitcoin with Selectcoin: Cheaper, Simpler and Local
The Selectcoin Point-of-Sale (POS) cryptocurrency solution is vastly cost-effective and ubiquitous when compared with Bitcoin ATMs, the current go-to spot for cryptocurrency transactions. ATMs selling Bitcoins or other cryptocurrencies are a high cap-ex cost per location. They take up retail space, need maintenance, and charge a high transaction fee.
Apart from their infrastructure being robust and well established in the Canadian market, Abuleil says their competitive edge in the market is multifold.
“The company over the span of 15 years has been in the business of pre-paid wireless and pre-paid Mastercards and Visa cards. We have been providing these services to large corporate clients and government organizations. During those years we planted thousands of point-of-sales in the market place and all these machines are owned by the company. The company has a 24×7 live customer care centre, which serves the clients of the different business units of the company including Selectcoin customers.”
POS to Online Retail: Selectcoin to offer the Full Solution
The Selectcoin platform has some essential upgrades which extend the purchase of cryptocurrencies from their Point-of-Sale locations to online as well.
A customer can buy an active Selectcoin closed loop card from any of the company’s POS locations, add funds on the card, and can purchase the cryptocurrency online at Selectcoin.io at a later time or date when he or she likes the market price.
Can ‘Simply Disruptive’ Selectcoin Be Profitable for Investors?
Fintech Select (TSXV:FTEC) raised $3.5 million in 2017 to fuel its Selectcoin growth strategy and to cover other business aspects. Strategic investors and advisors have also been brought in to steer the company through its evolution in the Cryptocurrency business. The company describes Selectcoin as ‘simply disruptive’ and is certain of emerging as the leading physical Cryptocurrency exchange platform in Canada.
“The more locations we have, the more card-holders and customers get to participate in our solution. Consequently, the more revenue we will have,” says CEO Abuleil. “And then numbers will talk. If 1000 Selectcoin POS locations become small exchanges where each one of these locations facilitates a single Bitcoin transaction of $1000 a day, at a company’s gross margin between 10% to 12% for only the buy side for now, then we are talking about millions of dollars of monthly revenue,” according to Abuleil.
The Company is focused on spreading awareness about the Selectcoin POS Cryptocurrency solution and gauging customer interest nationwide with the strong potential for global outreach.
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