Singapore-based dtcpay is gearing up to introduce an innovative payment system that seamlessly integrates fiat and cryptocurrencies, catering to both in-store and online transactions. In a recent announcement, the company outlined its intention to incorporate widely recognized cryptocurrencies, including USDT, Ethereum, and Bitcoin, within its upcoming payment ecosystem.
DTCPay floats retail crypto payment service
In its quest to bolster this initiative, dtcpay has strategically partnered with PlatON, an open-source blockchain platform, to establish a privacy-protected digital infrastructure. Concurrently, the company has joined forces with Allinpay International, a China-based entity, to develop smart terminals and a digital interface, marking a collaborative effort in technological advancement. Notably, both PlatON and Allinpay hold registrations with the Monetary Authority of Singapore (MAS) as major payment institutions, emphasizing the commitment to regulatory compliance by dtcpay and its partners.
Allinpay International’s parent company, Tonghua International, expressed the collaborative venture as a means to assist merchants in adapting to modern payment trends, thereby meeting the dynamic needs of younger consumers. Dtcpay’s forthcoming payment service aims to facilitate seamless exchanges between fiat and cryptocurrencies, with plans to incorporate additional cryptocurrencies in the future. The company is no stranger to enhancing its offerings, having previously solidified agreements with London-based Sumsub in September to provide Know Your Customer (KYC) services for its digital wallet.
Crypto platform urges for collaboration in tech advancement
Additionally, a partnership with Singaporean POS provider Jeripay has expanded cryptocurrency payment services across dtcpay’s extensive 8,000-terminal network. Founded in 2019 under the name Digital Treasures Center, dtcpay has garnered recognition within the industry. The company participated in Mastercard’s Start Path program for crypto and blockchain startups in November 2022, affirming its position as an innovative player. A pre-seed funding round in June, backed by the Pontiac Land Group real estate conglomerate, further attests to the confidence investors place in dtcpay’s forward-thinking approach to digital payments.
Singapore stands as a notable hub for electronic payments, boasting progressive cryptocurrency regulation and a commitment to consumer protection. Major players in the cryptocurrency space, including Coinbase and Ripple, obtained substantial payment institution licensing from MAS in October. The city-state is also actively exploring the potential of central bank digital currency (CBDC), although MAS has indicated that there is currently “no urgent use case” for a retail CBDC.
Dtcpay’s initiative aligns with the broader trend of integrating cryptocurrencies into mainstream financial services. The collaboration with PlatON and Allinpay positions the company to offer a robust and privacy-focused payment solution, catering to the evolving preferences of both merchants and consumers. As Singapore continues to embrace digital payment innovation, dtcpay’s multifaceted approach positions it at the forefront of the dynamic financial landscape, poised to shape the future of payments in the region.
