NAKA, the European fintech powerhouse, unveils the world's first EMV-compatible on-chain payment scheme and self-custodial card during the "Adopting Bitcoin 2023" conference in the capital. As the first country in the world to adopt Bitcoin as legal tender, nearly 70% of El Salvador’s population remains unbanked.

The NAKA card seamlessly integrates with existing payment infrastructures, guaranteeing universal acceptance in line with EMV standards (Europay, Mastercard, and Visa). Salvadorians can now send funds 24/7 via blockchain from anywhere in the world directly to the NAKA card and start spending it instantly, all with nearly zero costs.

Both the card and the scheme perfectly complement the NAKA POS Network already established in the country.

By introducing essential infrastructure and decentralized services, NAKA aims to encompass all the usual financial services, including card issuing, remittances, microloans, payments, and more, under a unified umbrella. This movement is to be capped with the highly anticipated upcoming launch of NAKA BitBank. 

Leveraging Financial Technology for the Underbanked

"In El Salvador, where more than two-thirds of the population lacks traditional banking access, NAKA is a transformative force, granting every Salvadoran the power to become their own bank. The NAKA card empowers individuals to gain control of their financial destiny and proudly declare themselves the ultimate financial authorities", explains NAKA Founder and CEO, Dejan Roljic.  

The NAKA card is linked to a user's non-custodial wallet through a decentralized app (dApp). Users can seamlessly oversee their funds, load the card, or withdraw funds at their discretion, with the assurance that their financial affairs remain private and secure, accessible to them alone. 

NAKA's existing remittances solution offers a 24/7 peer-to-peer service for sending funds between families and friends, both within and beyond the country's borders, distinguished by its rapid transactions and cost-effectiveness compared to traditional remittance services.

For businesses, NAKA's POS solution is entirely customizable, fitting seamlessly into brick-and-mortar and online stores of all sizes, from SMEs to large corporations. The holistic point-of-sale system is a cutting-edge and versatile payment solution that caters to a wide spectrum of payment methods, including cards, cryptocurrencies, and digital payments. 

Collaborating with local trusted allies and global alike Bitfinex and Tether, NAKA is dedicated to driving positive change, decentralizing payments, and achieving financial inclusion where it's needed most.

In our pursuit of expanding financial freedom quickly and comprehensively, NAKA has introduced dedicated Programs tailored to accommodate local Card issuers, payment Acquirers, and other interested partners. For detailed information, kindly head here.