Singapore-based dtcpay is launching a payment system that will use fiat currencies and cryptocurrencies for in-store and online payments. The company mentioned Tether (USDT), ether (ETH) and Bitcoin (btc) in its advertisement.
The company is partnering with open source blockchain PlatON for a privacy-protected digital infrastructure and with Allinpay International to create smart terminals and a digital interface. Both PlatOn and Allinpay are based in China. Dtcpay and Allinpay are registered with the Monetary Authority of Singapore (MAS) as primary payment institutions.
A spokesperson for Allinpay's parent company, Tonghua International, said:
โThis cooperation [โฆ] Help merchants better adapt to the modern payment trend and meet the needs of young consumers.โ
Dtcpay will exchange fiat and crypto money and incorporate new cryptocurrencies into the new service. It already offers point of sale and online payment. In September, dtcpay concluded an agreement with London-based Sumsub to provide Know Your Customer services for the dtcpay digital wallet and income signed an agreement with Singaporean POS provider Jeripay to provide crypto payment services on its network of 8,000 terminals.
Related: Pay and throw away? How Companies Accepting Crypto Payments Influence Adoption
Founded in 2019 and originally known as Digital Treasures Center, dtcpay was selected to participate in Mastercard's Mastercard Start Path program for cryptocurrency and blockchain startups in November 2022. It received backing from real estate conglomerate Pontiac Land Group in a pre-seed funding round in June.
Dtcpay last month raised $16.5 million in a pre-Series A round led by Kwee, president of Pontiac Land. The investment will see some of Pontiac Land's hotels soon accept cryptocurrency payments: for @zinnialee23 https://t.co/D5vdnHBtYL
- Forbes Crypto (@ForbesCrypto) July 17, 2023
Electronic payment is common in Singapore, which is considered have progressive cryptocurrency regulation, including consumer protection. Coinbase and Vibe received the main payment institution license from MAS in October. The city-state is also experimenting with central bank digital currency, but the MAS has stated that doesn't see "any urgent use cases" for a retail CBDC.
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