dtcpay, a leading digital payments provider, and Visa, a global leader in digital payments, have announced a strategic partnership that aims to revolutionize digital payments in Singapore. This collaboration will combine dtcpay's digital payments expertise with Visa's global network, leading to connecting consumers in more than 200 countries and territories with over 130 million merchants.
The first stage of this partnership will see the introduction of the dtcpay Visa Infinite Card, designed for high net worth individuals. The card allows users to convert digital currencies, such as stablecoins, into fiat currencies at competitive real-time rates. These fiat currencies will then fund the dtcpay Visa Infinite Card, enabling users to make transactions globally. Public registration for the card will open in Q4 2024. Future phases of the partnership will include additional global payment solutions tailored to ultra-high-net-worth (UHNW) individuals, businesses, and consumers.
Asia Pacific is at the forefront of the global shift towards digital payments, with consumers and businesses progressively adopting digital currencies. As the digital economy in Southeast Asia is projected to reach US$1 trillion by 2030, the region is emerging as a hub for payments innovation and development.
This partnership focuses on bridging the gap between traditional payment systems and digital currencies. By using dtcpay's blockchain and multi-currency conversion capabilities, users can straightaway convert their digital currencies into fiat money. This feature permits dtcpay Visa Infinite Cardholders to transact at merchants that previously did not accept digital currencies. This opens up new opportunities for businesses to access UHNW customers.
With Visa's extensive global reach, the partnership will also broaden the use of digital currencies in everyday payment environments, offering customers more payment options worldwide. This collaboration marks a significant step in making digital currencies part of mainstream payment systems.
Alice Liu, CEO and Co-Founder of dtcpay, said, “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”.
Adeline Kim, Visa's Country Manager for Singapore, commented, “Visa's partnership with dtcpay underscores our commitment to driving innovation in the payments industry. 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 payment 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”.