Tag: web3

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Link to video:

https://www.channelnewsasia.com/watch/more-businesses-accepting-crypto-payment-method-video-4017921

Digital Treasures Center Pay has partnered with Chinese-based open-source blockchain PlatON to create a privacy-protected digital infrastructure ensuring Singapore’s commitment to consumer protection & Digital Treasures Center Pay has partnered with Allinpay to create smart terminals & a digital interface, Allinpay is an overseas payment company & based in China and both PlatON & Allinpay along with U.S Publicly Traded Company Coinbase & U.S-based tech company Ripple are registered with the Monetary Authority of Singapore (MAS).

Singapore is looking into the potential of a CBDC which definitely opens a potential door for Soramitsu but the MAS has indicated that at present there is “no urgent use case” for a CBDC & keep in mind that the Bank of Canada has previously stated that they will issue CBDC if retail CBDC becomes widespread the Bakong project CBDC has gained widespread use in Asia, China, the E.U & their member nation Britain definitely are in favor of a retail CBDC as cashless has been crowned king in Europe cash still remains king with merchants & consumers in Canada which I have mentioned a lot in previous posts but at present Canada like Singapore has no urgent use case for a retail CBDC. But Tonghua International the parent company of Allinpay International stated that the partnership of Allinpay International & Digital Treasures Center Pay is a means to assist both online & in-store merchants adopt contemporary payment method trends & meet the needs of the touch-of-a-button young consumers of the microwave culture.

DTCPay previously secured an agreement with the London, UK-based Sumsub as a provider of services for Sumsub’s Know Your Customer (KYC) digital wallet. Additionally DTCPay gained recognition November 2022 as a cryptocurrency & blockchain startup participant in Mastercard’s Start Path a six-month global engagement program designed to help promising global startups scale, enter new markets, access new technologies & access MasterCard’s expertise.

As technology advances rapidly Singapore has emerged as an Asian city state committed to ongoing digital payment innovation & DTCPay has created a global trend which is cryptocurrency integration into financial services such as the in-store experience, even with the contemporary dine-in & take-out quick service restaurant experience.

McDonald’s for instance introduced the concept of kiosk orders & payments where customers can customize their orders electronically on-screen & pay at the kiosk & collect their in-store kiosk order which eliminates point-of-sale orders & counter clerks manually processing payments & now due to minimum wage increase & the cost of labor per hour increase to cut costs some quick service restaurants have gone 100% kiosk order & kiosk payment where counter clerks only hand the order to the customer which streamlines the in-store quick service order & payment process.

Doordash for instance streamlines the take out process if customers desire to place, customize & pay for their orders electronically via an app, track prep & cooking progress, track order delivery progress, receive a notification when the driver has arrived & the customer can simply collect their order at their own doorstep to avoid the hustle & bustle nature of the in-store quick service restaurant experience & then what began in Seattle & even spread from Seattle to London UK is the concept of Amazon Go which streamlined the in-store trend by eliminating physical in-store point-of-sale cash registers, counter clerks & slow-moving long lines at checkout lanes.

The future in-store experience is moving in the route of being fully self-service, eliminating face-to-face human interaction between in-store associates, cashiers & customers as the customer becomes their own own checkout & all it takes is the integration of cryptocurrency as a kiosk payment method in addition to fiat currency & the in-store experience goes to another level of innovation & furthermore DTCPay aims to integrate additional cryptocurrencies in the future along with Tether, Ethereum & BTC.

DTCPay is making a mark in the consumer culture of Singapore that will never be erased & will be a foundation where others build upon with their building blocks of innovation paving the way for technology to integrate cryptocurrency transactions into quick service restaurant kiosks as quick service restaurants, department store shopping & financial transactions ultimately shifts from the physical shopping mall, to the web2 shopping mall & ultimately to the new shopping mall of web3.

Link to article – https://www.publish0x.com/encryptocurrency-blogger/singapores-dtcpay-integrating-crypto-transactions-into-in-st-xrxnmzo

At the recent Singapore FinTech Festival (SFF 2023), the “digital currency payment system based on smart terminals” jointly launched by Allinpay International, dtcpay, and PlatON officially debuted, providing merchants with a new offline digital currency payment service. The industries that have started pilot cooperation include retail, catering, beauty, cinema, hospital, cake shop, pet shop, car sales, etc. This innovative payment system is a joint creation of three leading enterprises in the digital finance field, combining the advantages of smart terminals, digital currency wallets, and blockchain technology, to provide a seamless and convenient payment experience for merchants and customers. Various mainstream digital currencies are supported for payment. This payment system aims to promote the popularization and innovation of digital currency payment in Singapore and the world, and provide a user-friendly and compliant solution for online and offline merchants, bringing benefits such as reducing transaction fees, increasing customer base, and enhancing brand image.

Allinpay International is an international financial payment company, committed to providing diversified payment solutions and digital financial technology services for global merchants and customers. The company’s business covers aggregate payment, global account, international remittance, currency exchange and so on. The company focuses on building a business system with payment + account products as the core, financial services + technology scenario output as the auxiliary, and providing payment + exchange services for digital currency scenarios with the help of the qualifications of cooperative licensed institutions.

dtcpay is a major payment institution licensed by the Monetary Authority of Singapore (MAS) and fully regulated to provide digital payment services under the Payment Services Act (PSA), providing digital currency and fiat currency exchange services, helping individuals and businesses to seamlessly and efficiently transfer value.

PlatON is an open financial infrastructure with privacy computing as its technical feature, initiated and promoted by LatticeX Foundation, committed to becoming the main blockchain platform for the Web3 era, providing financial-level system stability and performance, privacy computing-enhanced compliant digital asset management, multi-scenario-oriented secret payment clearing solutions, and smooth and friendly user experience for various types of Web3 native applications, as well as applications and users migrating from Web2 to Web3.

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Link to article:

https://foresightnews.pro/article/detail/47826

dtcpay, a Singapore-based startup, reportedly entered into a strategic partnership with the open-source blockchain platform, PlatON, and Chinese payment solution provider, Allinpay International to launch a new payment system.

The new payment system is tailored for both cryptocurrencies and traditional fiat currencies. The aim is to establish a privacy-protected digital payment infrastructure.

The collaboration will center around the creation of smart point of sale (POS) terminals, capable of supporting numerous digital currencies including Tether (USDT), Ethereum (ETH) and Bitcoin (BTC).

Previously known as the Digital Treasures Center, dtcpay has made a name for itself offering state-of-the-art digital currency payment services, enabling partners and merchants to accept payments in both traditional and digital currencies.

In addition to the partnership with PlatON and Allinpay International, dtcpay has also formed alliances with the verification platform Sumsub. This collaboration is intended to heighten the security and reliability of digital currency payments in key markets such as Singapore, Hong Kong, Dubai, the UK, and Europe.

In September, the company partnered with another Singapore-based firm, POS technology developer Jeripay, to integrate crypto within Jeripay’s 8000 terminal network.

Link to article – https://bitcoinworld.co.in/dtcpay-partners-with-platon-allinpay-to-launch-crypto-payment-network/

According to reports, dtcpay has partnered strategically with Allinpay International, a Chinese provider of payment solutions, and PlatON, an open-source blockchain platform. The goal is to establish a private digital payment system. The partnership’s primary goal is to create intelligent point-of-sale (POS) terminals that support a variety of virtual currencies, including Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

dtcpay, formerly the Digital Treasures Center, has established a reputation for providing cutting-edge digital currency payment systems that let partners and merchants take payments in both traditional and digital currencies.

In addition to working with PlatON and Allinpay International, dtcpay has partnered with the verification platform Sumsub. Enhancing the security and dependability of digital currency transactions in key areas like as Europe, the UK, Singapore, Hong Kong, and Dubai is the aim of this collaboration.

In September, the company partnered with another Singapore-based business, PoS technology developer Jeripay, to integrate cryptocurrencies into Jeripay’s 8000 terminal network.

The collaborations take place in the backdrop of Singapore’s evolving cryptocurrency regulations, which aim to improve consumer safety.

The Monetary Authority of Singapore (MAS), which also grants payment institution licenses to prominent cryptocurrency firms like Ripple and Coinbase, is looking into central bank digital currencies (CBDCs).

A significant component of this evolving environment is initiative Orchid, a retail CBDC research initiative that has completed its pilot phase. Through a series of pilot experiments, the project brings together government agencies and big banks with the goal of creating digital currencies for specific purposes.

Although retail CBDCs have not yet gained widespread acceptability, the project analysis indicates that digital currencies that are not valued in Singapore dollars are becoming more and more popular locally. To keep up with these developments, MAS is looking into the concept of programmable or automated execution of digital currencies appropriate for predefined use cases.

Link to article – https://industrywired.com/dtcpay-to-introduce-seamless-crypto-payment-network/

Singapore-based startup Dtcpay is set to launch a new payment system tailored for both cryptocurrencies and traditional fiat currencies. 

Dtcpay reportedly entered into a strategic partnership with the open-source blockchain platform, PlatON, and Chinese payment solution provider, Allinpay International. The aim is to establish a privacy-protected digital payment infrastructure.

The collaboration will center around the creation of smart point of sale (POS) terminals, capable of supporting numerous digital currencies including Tether (USDT), Ethereum (ETH) and Bitcoin (BTC).

Previously known as the Digital Treasures Center, Dtcpay has made a name for itself offering state-of-the-art digital currency payment services, enabling partners and merchants to accept payments in both traditional and digital currencies.

In addition to the partnership with PlatON and Allinpay International, Dtcpay has also formed alliances with the verification platform Sumsub. This collaboration is intended to heighten the security and reliability of digital currency payments in key markets such as Singapore, Hong Kong, Dubai, the UK, and Europe.

In September, the company partnered with another Singapore-based firm, PoS technology developer Jeripay, to integrate crypto within Jeripay’s 8000 terminal network.

The collaborations come against a backdrop of continually evolving crypto regulations aimed at offering enhanced consumer protection in Singapore. 

Major crypto firms such as Coinbase and Ripple are already licensed payment institutions by the Monetary Authority of Singapore (MAS), which is also exploring the potential of central bank digital currencies (CBDCs).

As a key component of this evolving landscape, Project Orchid, a retail CBDC research project, has completed its first phase. The project aims to create digital currencies for specific purposes, bringing together major banks and government agencies in a series of pilot trials. 

Even though retail CBDCs are yet to become mainstream, the project’s report indicates that digital currencies not denoted in Singaporean dollars are gaining local traction. 

To keep up with these developments, MAS is exploring the concept of programmable or automated execution of digital currencies tailored to predefined use cases.

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Link to article:

Dtcpay inks partnership to launch crypto payment network

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Link to article:

https://coinmarketcap.com/community/articles/6551230613022457ee1988e6/

Dtcpay will allow the exchange of fiat and cryptocurrency and also integrate new cryptocurrencies into its service. The platform provides point-of-sale and online checkout services.

In September, Dtcpay partnered with London-based Sumsub to offer Know Your Customer services for its digital wallet. It also agreed with Singapore POS provider Jeripay to provide crypto payment services on its 8,000-terminal network.

Founded in 2019 as Digital Treasures Center, Dtcpay has been a Mastercard Start Path program participant for crypto and blockchain startups since November 2022. It secured pre-seed funding from the Pontiac Land Group real estate conglomerate in June.

Electronic payment is quite common in Singapore. The country has been recognized for its progressive regulations on cryptocurrency, with a particular emphasis on consumer protection. In October, both Coinbase and Ripple obtained major payment institution licenses from the Monetary Authority of Singapore.

Additionally, Singapore is currently exploring the use of central bank digital currency, although the MAS has noted that it does not currently see an immediate need for a retail CBDC.

Link to this article-

https://www.upyo.com/en/article/singapores-dtcpay-allows-crypto-as-payment-method