dtcpay and Visa Announce Partnership to Advance the Future of Digital Payments
The partnership will kick off with the soft launch of the dtcpay Visa Infinite Card for ultra high net worth individuals
SINGAPORE – Media OutReach Newswire - 18 September 2024 – dtcpay, a digital payments solutions provider, and Visa (NYSE: V), a world leader in digital payments have announced a partnership agreement 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 Voyager: Tomorrow's Payments, Today
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 their 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 USD1 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."
Celebrating Innovation at TOKEN2049
dtcpay and Visa will be commemorating the partnership through 'The Voyager: Tomorrow's Payments, Today', held in conjunction with TOKEN2049 and dtcpay's 5th anniversary. The event will be held on 18th September at 6pm, at Lantern, to celebrate this pivotal moment in time as the industry ushers in a new era of digital payments.
The event will showcase the innovative use of digital currencies in a gamified environment, providing participants with a hands-on understanding of token economics. Attendees will have the opportunity to win and exchange tokens for merchandise, grow its quantity, and be rewarded for their participation in various games and quizzes.
dtcpay is a regulated Major Payment Institution (MPI) licensed by the Monetary Authority of Singapore (MAS) to conduct Digital Payment Token (DPT) services and other payment services under the Payment Services Act (PSA). As a leading provider of digital payment solutions, we pioneer the integration of cryptocurrency acceptance into traditional financial systems. With a vision to make global transactions seamless and sustainable, dtcpay empowers individuals and businesses to embrace the future of payments.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement.
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