dtcpay Unveils Hybrid Crypto-Fiat Payment System in Singapore in Partnership with PlatON and Allinpay
Summary:
Singapore-based dtcpay is introducing a payment system that accepts both fiat and cryptocurrencies, in collaboration with open-source blockchain company PlatON and Chinese firm Allinpay International. The new service will enable digital and in-store payments using Tether, Ether, and Bitcoin, and will add more cryptocurrencies over time. The company, a participant in Mastercard's Start Path program, recently raised $16.5 million in a pre-Series A round, signing deals with Sumsub for KYC services and Jeripay to spread crypto payment services over 8,000 terminals in Singapore.
Headquartered in Singapore, dtcpay is set to launch a payment solution that will allow customers to make both in-store and online purchases using both conventional currency and cryptocurrencies, including Tether (USDT), Ether (ETH) and Bitcoin (BTC). To this end, dtcpay has joined forces with the Chinese open-source blockchain company PlatON to create a privatized digital framework. It is also collaborating with Allinpay International, another China-based firm, to develop smart terminals and a digital platform. Both Allinpay and dtcpay are legally registered payment institutions with Singapore's Monetary Authority.
According to a representative from Tonghua International, which owns Allinpay, this partnership aims to modernize merchants' payment procedures and address the demands of younger consumers. As part of its new service, dtcpay will facilitate the exchange of standard and crypto money and support additional cryptocurrencies. Already offering point-of-sale and online checkout services, dtcpay completed a partnership with London's Sumsub in September to bolster its digital wallet's Know Your Customer controls. It also agreed to roll out cryptocurrency payment services across Jeripay’s network of 8,000 terminals based in Singapore.
Established in 2019 as the Digital Treasures Center, dtcpay was chosen for the Mastercard Start Path initiative, designed to support promising crypto and blockchain startups, in November 2022. The Pontiac Land Group, a real estate titan, backed the firm during a pre-seed financing round in June. DtPAY raised $16.5 million in a pre-Series A funding campaign led by Kwee, Pontiac Land's Chairman, last month. This investment will lead some of Pontiac Land's hotels to start accepting cryptocurrency-based payments.
In Singapore, a country recognized for its advanced cryptocurrency regulations and consumer safeguards, electronic payment is a standard practice. Coinbase and Ripple were granted major payment institution licenses by MAS in October. Although the city is also exploring the concept of a central bank digital currency (CBDC), MAS insists there's no immediate requirement for a consumer-oriented CBDC. The city captivated attention with the Token2049 event, while Huobi celebrated its 10th anniversary with a rebranding in Asia Express.
Published At
11/10/2023 9:27:37 PM
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