Giant Singaporean fintech firm dtcpay is set to revolutionize the payment landscape with the launch of a cutting-edge system that seamlessly combines fiat and cryptocurrencies for both in-store and online transactions. The company’s announcement highlights the inclusion of popular digital currencies such as Tether (USDT), Ether (ETH), and Bitcoin (BTC).
dtcpay reveals innovative payment system
Partnering with open-source blockchain platform PlatON for privacy-protected digital infrastructure and Allinpay International for smart terminals and a digital interface, dtcpay aims to provide a secure and efficient payment solution. Both PlatON and Allinpay are registered with the Monetary Authority of Singapore (MAS) as major payment institutions, ensuring compliance with regulatory standards.
Tonghua international on dtcpay’s collaboration
A spokesperson for Allinpay’s parent company, Tonghua International, emphasized that the collaboration with dtcpay will empower merchants to better adapt to modern payment trends and cater to the preferences of young consumers.
Dtcpay’s comprehensive service will facilitate the exchange between fiat and cryptocurrencies, with plans to onboard additional digital currencies in the future. The company already offers point-of-sale and online checkout services.
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In a strategic move, dtcpay recently partnered with London-based Sumsub to enhance Know Your Customer (KYC) services for its digital wallet and entered into an agreement with Singaporean POS provider Jeripay to enable crypto payments across its extensive 8,000-terminal network.
Founded in 2019 under the name Digital Treasures Center, dtcpay gained recognition by participating in Mastercard’s prestigious Mastercard Start Path program for crypto and blockchain startups in November 2022. The company secured backing from the Pontiac Land Group, a prominent real estate conglomerate, in a pre-seed funding round held in June.
Singapore’s Crypto path – regulations and industry leaders
Singapore, known for its progressive cryptocurrency regulation and electronic payment prevalence, continues to attract major players in the crypto space. In October, both Coinbase and Ripple obtained major payment institution licenses from MAS. Despite ongoing experiments with central bank digital currency (CBDC), MAS has stated that it currently sees “no urgent use case” for a retail CBDC. Dtcpay’s innovative payment system is poised to contribute to Singapore’s thriving crypto ecosystem, offering a user-friendly and versatile solution for consumers and merchants alike.