SyFu partners with Salt Edge for global card payment data integration

SyFu, a project in the DePIN (Decentralised Physical Infrastructure Network) × GameFi space, has partnered with open banking platform Salt Edge to enable card payment data integration across geographies.

The collaboration will enable the direct integration of card payment data from over 5,000 banks in more than 50 countries directly into the SyFu app.

The SyFu app, which operates within the Web3 space, offers an approach to everyday payment data by turning it into Non-Fungible Tokens (NFTs) and tokens through interactive gaming finance mechanisms.

The platform uses a combination of non-custodial wallets, decentralised identities, and Soulbound Tokens to assign on-chain value to users' real-world expenditures.

With the support of Salt Edge's platform, which complies with the Payment Services Directive 2 (PSD2) and connects globally, SyFu can now access and integrate payment data from credit and debit cards without requiring users to alter their existing payment methods.

The move eliminates the need for manual input of payment history and users can continue to use their current cards while the SyFu app automatically updates their NFTs and token balances.

The partnership also enhances SyFu's capabilities as a base layer for real-world applications of Web3 by providing real-time, verifiable economic data by using Salt Edge's authorised payment institution (AISP) licence.

Looking ahead, SyFu aims to extend its operations into the EU and other markets, leveraging the partnership with Salt Edge to convert everyday spending into authenticated, on-chain contributions.

SyFu founder Tomochika Kamiya said: “Without changing their existing payment methods, users can enjoy an entirely new experience in which everyday spending is visualised as an economic contribution and transformed into digital assets.

“Through this collaboration, we aim to create a global cycle of value that seamlessly merges Web3 with the real economy.”

Salt Edge open banking solutions expert Virgiliu Bodrug stated: “We’re thrilled to see creative, out-of-the-box use cases like SyFu, where payment data becomes the gateway to immersive Web3 experiences. This partnership is a perfect example of how fintech infrastructure can power entirely new digital economies.”

Earlier this year, Moldova's digital wallet service Paynet teamed up with Salt Edge to comply with the country's PSD2 regulations.

"SyFu partners with Salt Edge for global card payment data integration " was originally created and published by Electronic Payments International, a GlobalData owned brand.

Story Continues

The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.

View Comments