The partnership aims to build the future of digital payments, and will kick off with the dtcpay Visa Infinite Card for UHNW individuals.
Digital payments solutions provider, dtcpay, and Visa have partnered to drive digital payments transformation in Singapore. This partnership aims to integrate dtcpay’s digital payments capabilities with Visa’s global payments network to enable access to 130 million merchants across more than 200 countries and territories worldwide.
The first phase of the partnership will see the launch of the dtcpay Visa Infinite card that offers modern consumers a new seamless payment experience. Users will be able to convert their digital currencies such as stablecoins, into fiat currencies at competitive real-time rates.
The fiat currencies will then be used to fund the dtcpay Visa Infinite card, and will be available for public registration in Q4 2024. Subsequent phases of the partnership will include the development of additional global payments solutions catered to ultra-high-net-worth (UHNW) individuals, businesses, and consumers.
Partnering to Drive the Future of Digital Payments
Asia Pacific is at the forefront of the digital payments revolution, with the accelerated use of digital currencies as consumers and businesses conduct payments in a hyper-digitalised world. With developments in payment methods and platforms enabling seamless commerce across borders, the digital economy in Southeast Asia is projected to hit US$1 trillion by 2030, making Asia Pacific the epicentre of innovation and the leader in shaping the future of global commerce.
The dtcpay and Visa partnership seeks to bridge the gap between traditional payments and digital currencies, enabling merchants to accept payments from this growing segment of UHNW customers. Leveraging its blockchain and multi-currency swap capabilities, dtcpay customers can convert their digital currencies instantly into fiat, then use their dtcpay Visa Infinite card to transact at merchants, allowing businesses who would not have been able to accept digital currencies previously to access this group of consumers.
Through Visa’s global reach, the partnership also aims to broaden the use case of digital currencies in everyday payment settings, expanding payment options for customers globally.
“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. 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,” says Alice Liu, CEO and Co-Founder, dtcpay.
“Visa’s partnership with dtcpay underscores our commitment to driving innovation in the payments industry,” said Adeline Kim, Country Manager, Singapore, Visa. “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 payments 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.”
Stay updated on the crypto space by following our socials below! 👇
