DTCPay is now offering a retail crypto payment service to Singaporean traders.
Singapore’s dtcpay is getting ready to launch a new payment system that supports both traditional currency and digital currencies, making it ideal for both in-store and online purchases. The firm recently made a statement detailing its plans to support major cryptocurrencies including Bitcoin, Ethereum, and USDT in its next payment ecosystem.
To support this effort, dtcpay has formed a strategic partnership with PlatON, an open-source blockchain platform, to build a secure digital infrastructure that protects user data. At the same time, the business has partnered with a China-based firm called Allinpay International to provide smart terminals and a digital interface. Notably, both PlatON and Allinpay are registered as major payment institutions with the Monetary Authority of Singapore (MAS), demonstrating dtcpay and its partners’ dedication to regulatory compliance.
Tonghua International, the parent firm of Allinpay International, sees the joint venture as a way to help businesses in accommodating emerging payment methods and the varied requirements of younger customers. Future plans for Dtcpay’s payment service include adding support for even more cryptocurrencies, all with the goal of easing the process of exchanging fiat for cryptocurrency. In September, the business finalized arrangements with London-based Sumsub to provide Know Your Customer (KYC) services for its digital wallet, so it is no stranger to improving its capabilities.
With the help of Singaporean point-of-sale (POS) operator Jeripay, dtcpay is now able to accept bitcoin payments at all of its more than 8,000 terminals. Since its 2019 inception as Digital Treasures Center, dtcpay has been well-known as a respected payment platform. The business participated in Mastercard’s Start Path initiative for crypto and blockchain companies in November 2022, underlining its status as an innovative player. Pontiac Land Group, a real estate conglomerate, led a pre-seed fundraising round for dtcpay in June, demonstrating the faith investors have in the company’s innovative approach to digital payments.
Singapore stands as a prominent center for electronic payments, featuring sophisticated cryptocurrency legislation and a dedication to consumer safety. Coinbase and Ripple, two of the bitcoin industry’s heavy hitters, both received extensive payment institution license from the MAS in October. The Monetary Authority of Singapore (MAS) has said that there is “no urgent use case” for a retail CBDC at this time, but this hasn’t stopped the city-state from aggressively studying the possibility of central bank digital currency (CBDC).
The move by Dtcpay is consistent with the general trend toward incorporating cryptocurrencies into traditional banking systems. As a result of their partnership with PlatON and Allinpay, the firm is now in a better position to provide merchants and customers with a secure and confidential payment option. As Singapore continues to embrace digital payment innovation, dtcpay’s comprehensive strategy places it at the vanguard of the changing financial scene, positioned to impact the future of payments in the region.