Singapore – Aiming to accelerate Singapore’s digital payments transformation, dtcpay, a digital payments solutions firm, has unveiled its recent partnership with financial services firm Visa.
As part of the partnership, the firm’s digital payments capabilities will be incorporated with Visa’s global payments network. This will provide access to 130 million merchants in over 200 countries and territories worldwide.
Furthermore, the firm indicated the launch of the dtcpay Visa Infinite Card as the first phase of the collaboration. Said move offers modern consumers a streamlined payment experience with a card that allows them to convert digital currencies like stablecoins into fiat currencies at real-time, competitive rates.
The fiat currencies will then be used to fund their dtcpay Visa Infinite card and will be available for public registration in Q4 2024. Future phases of the alliance will focus on the development of additional global payment solutions catered to ultra-high-net-worth (UHNW) individuals, businesses, and consumers.
More importantly, it also seeks to bridge the gap between traditional payments and digital currencies, enabling merchants to accept payments from this growing segment of UHNW customers.
Through its blockchain and multi-currency swap capabilities, dtcpay customers can also convert their digital currencies instantly into fiat, then use their dtcpay Visa Infinite card to transact at merchants. This strategy allows businesses that would not have been able to accept digital currencies previously to access this group of consumers.
Talking about the initiative, Alice Liu, CEO and co-founder at dtcpay, said, “Our mission at dtcpay is to bridge the gap between digital payments and traditional finance through the enabling of emerging digital currencies to be used and accepted by mainstream financial systems.
Liu further explained, “By bolstering this ambition with Visa’s commitment to innovation, our partnership will introduce an additional digital payment avenue for businesses and individuals, enabling dtcpay to drive greater mainstream acceptance for digital currencies.”
Also speaking about the partnership, Adeline Kim, country manager for Singapore at Visa, stated, “Visa’s partnership with dtcpay underscores our commitment to driving innovation in the payments industry. By combining Visa’s global reach with dtcpay’s Web3 expertise, we are empowering consumers and businesses who use dtcpay to convert their digital currencies into fiat and make digital payments seamlessly.”
“We continue to redefine the payment experience for businesses and consumers, offering them greater choice, security, and convenience when they make contactless payments. More importantly, we empower them with a seamless payment experience and ensure it is easy for them to pay and be paid,” concluded Kim.
