Singapore startup dtcpay has launched a retail crypto payment system with Chinese partners
Singapore-based dtcpay is rolling out a payment system that uses fiat and cryptocurrencies for in-store and online payments. The company mentioned Tether (USDT), Ether (ETH) and Bitcoin (BTC) in the announcement.
The company is collaborating with open source blockchain PlatON to create a privacy-protected digital infrastructure and Alinpay International smart terminals and digital interface. Both PlatOn and Allinpay are based in China. Dtcpay and Allinpay are registered with the Monetary Authority of Singapore (MAS) as major payment institutions.
A spokesperson for Alinpay's parent company, Tonghua International, said:
“This is cooperation […] Help merchants better adapt to modern payment trends and meet the needs of young consumers.
Dtcpay will exchange fiat and crypto in a new service and new cryptocurrencies on board. It also offers point of sale and online checkout. In September, dtcpay signed a deal with London-based Sumsub to provide dtcpay's Know Your Customer digital wallet and Singapore POS provider Jeripay to provide crypto payment services across its 8,000 terminal network.
Related: Pay and Drop? Businesses that accept crypto payments will influence adoption
In the year Founded in 2019 and originally known as Digital Treasure Center, dtcpay was founded in 2019. Crypto and blockchain startups selected to participate in MasterCard's Startup Path program in November 2022 received support from real estate conglomerate Pontiac Land Group in November 2022 in a pre-seed funding round. June.
Dtcpay raised $16.5 million in a pre-series round last month led by Pontiac Land Chairman Que. The investment will see some Pontiac Land hotels soon accept payments in crypto: via @zinnialee23 https://t.co/D5vdnHBtYL
— Forbes Crypto (@ForbesCrypto) July 17, 2023
Electronic payments are common in Singapore, which is considered to have progressive encryption regulations including consumer protection. Coinbase and Ripple received approval from the MAS major payments institution in October. The city-state is also experimenting with a central bank digital currency, but MAS says it sees “no urgent use case” for retail CBDC.
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