Singapore-based dtcpay is set to launch a payment system that integrates fiat and cryptocurrencies for both in-store and online transactions. The company's announcement specifically mentioned Tether, Ethereum, and Bitcoin as part of its cryptocurrency integration. Dtcpay is collaborating with PlatON, an open-source blockchain platform, to develop privacy-preserving digital infrastructure. Additionally, it is working with Allinpay International, based in China, to create smart terminals and digital interfaces for the payments system. Both dtcpay and Allinpay are significant payment institutions registered with the Monetary Authority of Singapore (MAS).
The partnership aims to enable merchants to better adapt to modern payment trends and meet the evolving needs of young consumers. Dtcpay's new service will facilitate the exchange of both fiat currencies and cryptocurrencies, with plans to incorporate additional cryptocurrencies over time. The company already provides point-of-sale and online checkout services, and this expansion underscores its commitment to embracing diverse payment methods. Dtcpay had previously partnered with Sumsub in September to offer know-your-customer services for its digital wallet and collaborated with POS provider Jeripay to extend cryptocurrency payment services across a network of 8,000 terminals.
Founded in 2019 as Digital Treasures Center, dtcpay was selected to participate in Mastercard's Startup Pathways program for cryptocurrency and blockchain startups in November 2022. It received backing from the Pontiac Land Group, a real estate conglomerate, in a pre-seed funding round in June 2019. Singapore is known for its progressive cryptocurrency regulation, including consumer protection measures. In October, both Coinbase and Ripple obtained major payments institution licenses from the MAS. While the city-state is experimenting with a central bank digital currency (CBDC), the MAS has stated that it currently sees "no emergency use cases" for retail CBDCs.
