Singapore-based dtcpay is introducing a payment system that will accept fiat and cryptocurrencies for in-store and online payments. Tether (USDT), Ether (ETH) and Bitcoin (BTC) were mentioned in the announcement. The company is partnering with open-source blockchain PlatON for digital infrastructure and Allinpay International for smart terminals and a digital interface. Both PlatOn and Allinpay are based in China, and both companies are registered with the Monetary Authority of Singapore (MAS) as major payment institutions.
A spokesman for Allinpay parent company Tonghua International said, “This cooperation will […] Help merchants better adapt to the modern payment trend and meet the needs of young consumers.” Dtcpay will exchange fiat and crypto, as well as onboard new cryptocurrencies. It already provides point-of-sale and online checkout, and in September, dtcpay concluded a deal with London-based Sumsub for Know Your Customer services and an agreement with Singapore POS provider Jeripay to provide crypto payment services on its 8,000-terminal network.
Founded in 2019 and originally known as Digital Treasures Center, dtcpay was selected to participate in Mastercard’s Mastercard Start Path program for crypto and blockchain startups in November 2022. Furthermore, in June, the company received backing from the Pontiac Land Group real estate conglomerate in a pre-seed funding round. Last month, dtcpay raised $16.5 million in a pre-Series A round led by Kwee, the chairman of Pontiac Land. The investment will see some of Pontiac Land’s hotels soon accept payments in crypto.
Electronic payment is common in Singapore, which is considered to have progressive cryptocurrency regulation, including consumer protection. Coinbase and Ripple both received major payment institution licensing from MAS in October. The city-state is also experimenting with central bank digital currency, but the MAS stated that it sees “no urgent use case” for a retail CBDC.