Industry Insights

A Deeper Dive into Cross-Border Payments

dtcpay’s Anson Zeall answers some of the key questions posed at ‘Payment Beyond Borders’ panel, extending the conversation online.

26 Feb 2024 3 mins Read

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Missed ‘Payment Beyond Borders’? Here’s a quick recap of some of the key questions posed at the event, and dtcpay’s take on them:


Introduction

Last week, Anson Zeall, CSO and Head of Compliance at dtcpay, joined a panel organized by Sumsub & Singapore Fintech Association (SFA), diving into Asia’s US$5.18 trillion digital payments boom, examining the challenges and opportunities in cross-border payments.

 

 

Insights into fraud prevention, regulatory improvements, and the potential convergence of crypto and fiat currencies offered valuable guidance for businesses navigating the ever-evolving landscape of international transactions.

 

“The future of crypto regulation should prioritize harmonizing global standards, enhancing transparency, and promoting the adoption of secure technologies. This approach will not only help in combating fraud but also in fostering trust and stability in the crypto market, balancing the need for innovation with consumer protection.”

Anson Zeall

CSO & Head of Compliance, dtcpay

Extending the Conversation Online

Given the time constraints inherent in such events, the panel, unfortunately, could only address a limited number of questions from the audience.

 

Recognizing the importance of the remaining queries, we’ve put together this blog post to extend the conversation beyond the event’s time limitations, and offer continued insights into the world of cross-border payments.

Addressing the Questions Posed at ‘Payment Beyond Borders’

What threats does generative AI pose to payment services and how can we mitigate them?

 

Anson: We embrace it because we use AI for “rehearsals” before we engage with regulators. AI can be a friend or a threat, it depends on how you use it.

 

Do you think that regulators generally take protection of users of crypto less seriously than users of fiat?

 

Anson: They take it very seriously at the highest levels, and encouraging regulators globally to enact a licensing regime for their respective jurisdictions.

 

Do you see malware related concerns beyond banking industry and MAS guidelines touching payment and ECommerce apps too?

 

Anson: Malware inherently is beyond banking by nature. It’s basically an installation of illicit software on your phone through baiting the user on making it happen e.g. Getting a user to download a particular app or clicking a particular link to download the app.

 

Do legal firms work with law enforcement agencies in money recovery? SPF reported fraud loss of over $660m in last year – how & if can this theft be recovered?

 

Anson: In reality, you would need a court injunction in order to require the FI to open up the target customer account and retrieve the funds.

 

Can industry converge and create platform for shared attr of malicious actors like device id, id no, mob no, account no similar to open source governance.

 

Anson: There’s a lot of privacy issues and possible law suits that may happen as you can never be 100% certain that that particular person or identity, is really a malicious actor.

 

What are the emerging trends or potential regulatory changes in global payments system that the businesses should be preparing for next 3 to 5 years?

 

Anson: We see a convergence of crypto, especially stablecoin payments, into the traditional financial ecosystem. This is because there are very real business use cases where commerce can be operated more efficiently with stablecoins. Many jurisdictions are currently ramping up on respective regulatory frameworks to enable the opportunity for crypto and stablecoin payments.

 

How has the banning of the crypto by the Nigerian regulator led to the impact on the currency value and massive devaluation of the currency against the USD.

 

Actually the ban was on banks where they were not allowed to onboard crypto service providers. Crypto Service Providers can now apply for licenses in Nigerian and engage banks to get a bank account. Read more.

 

If transaction is authenticated via biometric is there a possibility of liability coming to FI. Or would device manufacturers also come into fold?

 

Anson: The FI will also have the liability and this is imposed by MAS. To mitigate and manage the liabliity, all FIs that conduct NF2F KYC will require an annual audit on the process as well as the vendor itself.

 

 

About dtcpay

 

dtcpay is a regulated payment service provider that offers reliable solutions for merchants to grow their revenues with higher acceptance rates for Fiat and cryptocurrency transactions. Our clients’ customers benefit from frictionless payment experiences whether they are using our award-winning POS+ terminal in-store or using our online checkout.

 

Founded in 2019 in Singapore, dtcpay is a licensed Major Payment Institution (MPI) under the Monetary Authority of Singapore (MAS) and offers Digital Payment Token (DPT) services.

 

Get in touch if you’d like to learn how dtcpay can help facilitate swift and secure cross-border payments for your businesses!

 

LinkedIn | X | Instagram | Facebook | YouTube

Media Feature

Sumsub to Showcase Digital Identity Verification Solutions at Seamless Asia

As featured on Fintech Singapore, 19 Feb 2024

19 Feb 2024 6 mins Read

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As featured on Fintech Singapore, 19 Feb 2024


Sumsub to Showcase Digital Identity Verification Solutions at Seamless Asia

Singapore is one of the world’s leading hubs for fintech innovation. But with innovation comes risk – especially around identity verification and fraud prevention.

 

That’s why forward-thinking payment platforms like dtcpay rely on partners like Sumsub.

 

By implementing Sumsub’s no-code identity verification platform, dtcpay simplified Know Your Client (KYC) and onboarding to provide a smooth, secure user experience.

 

This collaboration helps dtcpay balance speed and compliance as they expand across Asia and beyond. It’s a great example of how fintechs and regtechs can collaborate to enable digital finance innovation while building trust.

As Sumsub gears up for its participation in Seamless Asia, this partnership serves as a beacon for businesses seeking to navigate the complexities of digital payments verification.

Moving fast without compromising compliance

As a Major Payment Institution licensed by Singapore’s Monetary Authority, dtcpay operates in a complex regulatory environment.

 

With expansion plans across Asia and beyond, dtcpay needed to streamline identity checks to remove friction during onboarding while still adhering to regulations.

 

dtcpay embarked on a journey to enhance its growth, confronting various obstacles. At the heart of its mission was the need for an automated verification system. This system was pivotal for refining the onboarding process, ensuring businesses could engage in transactions smoothly and with robust security.

 

Making the onboarding experience as straightforward as possible for users and merchants using the platform was equally important. A vital aspect of this enhancement was the efficient verification of Proof of Address ( PoA), an essential element in confirming user identities.

 

said Keian Wong, Head of Swap Product at dtcpay.

“Before integrating Sumsub, we faced challenges conducting manual verification, hindering efficiency and user experience,”

Keian Wong

Head of Swap Product at dtcpay

With rapid advancements in its multi-currency swaps and crypto payment services, dtcpay had to future-proof and automate verification processes.

Why Sumsub?

Sumsub emerged as the solution for dtcpay, offering a comprehensive suite of verification tools meticulously designed to meet regulatory requirements and streamline user onboarding.

 

The platform’s capabilities—ranging from ID Verification, Liveness and Face Match, to PoA and Ongoing AML Monitoring—were instrumental in transforming dtcpay’s operational landscape.

 

Sumsub’s verification solutions significantly enhanced dtcpay’s operational efficiency, evidenced by a 70 percent reduction in the dropout rate during the verification phase. This improvement in the onboarding process boosted operational efficiency and the overall user experience, a crucial factor for decay as it seeks to broaden its services to include multi-currency swaps and digital wallets.

 

Keian Wong, highlighting the importance of Sumsub’s contribution, stated,

“As we venture into diverse markets, Sumsub’s compliance assurance with verification standards across varying regulatory landscapes is instrumental in supporting our company’s expansion.”

Keian Wong

Head of Swap Product at dtcpay

Sumsub distinguishes itself by delivering a customisable onboarding experience that complies with international regulatory standards and supports over 14,000 ID types from over 220 countries and territories. This flexibility, alongside advanced features and constant AML monitoring has been central to dtcpay’s efforts to streamline its operations.

 

Penny Chai, Sumsub’s Vice President of Business Development for the Asia-Pacific region, elaborated on the platform’s strengths.

“Our exceptional OCR accuracy for handwritten texts and rare languages is essential for dtcpay’s global expansion. The platform’s customisation capabilities, supporting 96 languages, enhance the user experience by adding a layer of familiarity, significantly reducing onboarding times.”

Penny Chai

Sumsub’s Vice President of Business Development for the Asia-Pacific region

Penny further detailed how Sumsub’s platform is precisely engineered to cater to dtcpay’s needs, offering a customised onboarding experience that aligns with global regulatory standards.

 

Sumsub’s platform, renowned for its ability to accommodate many ID types from many countries and territories and its sophisticated risk-scoring system designed to detect fraud, firmly positions it as a critical component in dtcpay’s expansion strategy.

 

This effectiveness is underscored by the impressive verification rates observed across various regions: Hong Kong leads with 97.89 percent, followed closely by Singapore’s strong showing at 86.08 percent, and the United States round out the group with a commendable rate of 91.64 percent.

 

In addition, Sumsub’s adeptness at processing documents in rare languages and scripts like Cyrillic, Hieroglyphic and Semitic underscores its linguistic versatility.

 

This capability is vital for dtcpay as it continues to penetrate diverse markets. Sumsub’s OCR technology’s high accuracy and adaptability to various regulatory frameworks ensure dtcpay’s confidence in its ambitious expansion plans.

A swift and seamless transition

dtcpay successfully integrated Sumsub’s verification solution into their wallet platform, ushering in a more efficient and user-friendly onboarding experience.

 

Integrating Sumsub was a seamless process that took only a few weeks. Apart from offering omnichannel document collection, Sumsub’s SDK allowed dtcpay to customise the flow to suit specific user requirements.

 

This versatile solution includes a face liveness module that enhances conversion rates and reduces the risk of fraudulent activities. An adaptive and mobile-friendly design ensures a seamless experience across all devices.

 

Users also benefit from helpful hints to navigate the process more smoothly, and mobile compatibility ensures the freedom to use it on the go. The SDK automatically refreshes when the status changes, ensuring users are constantly updated with their verification progress.

 

Sumsub’s features also eliminated the need for manual PoA document checks, resulting in a swift and seamless onboarding process for users engaging in multi-currency swaps, online payments, in-store transactions, and PayByLink via dtcpay.

 

After integrating Sumsub, dtcpay witnessed significant improvements in onboarding time, contributing to overall operational efficiency.

 

Anson Zeall, Head of Compliance at dtcpay, said,

“Integrating Sumsub’s solution has significantly improved our operations. Our onboarding process is now simpler and faster, improving efficiency for the team and the user experience for our customers.”

Anson Zeall

Head of Compliance at dtcpay

Keian Wong further highlighted the impact:

“The implementation of Sumsub enables us to automatically identify forged or altered documents post-submission, enhancing the verification workflow and optimising overall efficiency.”

Keian

Head of Swap Product at dtcpay

Sumsub’s comprehensive suite of verification solutions

Sumsub utilises artificial intelligence to enhance its digital verification solutions, focusing on innovative onboarding processes and compliance technologies. This includes the development of proprietary technologies such as workflow builders, liveness and deepfake detection, and mechanisms to adhere to the travel rule.

 

These AI-driven tools position Sumsub at the forefront of providing advanced verification solutions, enabling businesses to handle the complexities of digital transactions with unparalleled ease and confidence.

 

The company’s extensive suite of solutions is anchored by its KYC (Know Your Customer) Compliance service, which enables swift and effective identity verification of customers. This service is critical in enhancing trust and security during digital interactions.

 

Further extending its verification capabilities, Sumsub’s Know Your Business (KYB) solution verifies businesses and vendors, ensuring thorough due diligence before partnerships are established. This solution includes the critical verification of the Ultimate Beneficiary Owner (UBO), expanding the traditional scope of KYC to business entities.

 

Sumsub’s commitment to innovation is further evidenced by its introduction of the Travel Rule Compliance solution, reflecting its dedication to keeping pace with the evolving regulatory and technological landscape.

 

said Penny.

“As regulators made the travel rule a compliance requirement, the world is fast evolving to adopt the travel rule. Sumsub recently launched our travel rule compliance solution in March 2023. This solution supports virtual asset businesses in adhering to the necessary KYC checks, AML, and verification regulations across countries, by connecting to over 500 VASPs in our global client ecosystem,”

Penny

Sumsub’s Vice President of Business Development for the Asia-Pacific region

Meet Sumsub at Seamless Asia

The success story of Sumsub and dtcpay is not just about a partnership; it’s a testament to Sumsub’s capacity to uplift businesses in the payments industry. By choosing Sumsub, dtcpay has not only streamlined its processes but also ensured it stays ahead in compliance and fraud prevention.

 

For businesses looking to explore new horizons in digital payments and ensure compliance with global standards, meeting Sumsub at Seamless Asia is an opportunity not to be missed.

 

Sumsub doesn’t just act as a service provider; they aim to be a collaborative partner. Their deep understanding of the challenges and opportunities in the payments industry makes them a reliable resource for businesses navigating issues such as KYC requirements, multi-currency transactions, and cross-border compliance.

 

said Penny.

“Our KYC solution streamlines onboarding, verifying identities in under 30 seconds. We revolutionise PoA verification by processing thousands of document subtypes – from utility bills to lease agreements. Our technology in behavioural fraud analytics sets us apart in fraud detection. Trusted by major players like TransferGo, Wirex, and more, our platform’s efficiency and reliability are evident in our customer success stories,”

Penny

Sumsub’s Vice President of Business Development for the Asia-Pacific region

Connecting with Sumsub at Seamless Asia informs you about payments industry developments. It offers an opportunity to explore the integration of technology and trust, enabling progress in digital payments.

 

Ready to learn more? Visit Sumsub at Seamless Asia. The experts can discuss your payments, KYC, and onboarding needs.

Media Feature

Anson Zeall Promoted to Chief Strategy Officer at dtcpay

As featured on Fintech Singapore, 04 Jan 2024

4 Jan 2024 < 1 mins Read

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As featured on Fintech Singapore, 04 Jan 2024


Anson Zeall Promoted to Chief Strategy Officer at dtcpay

Singapore-based payments service provider dtcpay has promoted its Head of Compliance Anson Zeall as the new Chief Strategy Officer (CSO).

 

During his tenure as Head of Compliance, Zeall played a pivotal role in guiding dtcpay through the complex regulatory environment of the blockchain and cryptocurrency sectors.

 

The firm said that Zeall’s promotion reflects both recognition of his past contributions and a strategic decision to enhance the company’s focus on strategy and compliance.

 

Zeall is also known for his entrepreneurial initiatives, having co-founded IDAXA (International Digital Asset Exchange Association) and ACCESS (Singapore Cryptocurrency and Blockchain Industry Association).

 

Founded in 2019 in Singapore, dtcpay is a regulated payment service provider in the Web 3.0 payments industry.

 

dtcpay said in a statement,

“As we embark on this new chapter under Anson’s leadership, we anticipate an era of continued growth, innovation, and unwavering commitment to compliance and security. We look forward to the continued support of our clients, partners, and stakeholders as dtcpay advances under the leadership of Anson as Chief Strategy Officer.”

Announcement

Anson Zeall Appointed as Chief Strategy Officer at dtcpay

dtcpay announces strategic development within leadership team. Anson Zeall, who has been serving as Head of Compliance, will now be leading as Chief Strategy Officer (CSO).

3 mins Read

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We are pleased to announce a significant development within the leadership team at dtcpay. Anson Zeall, who has been serving as our Head of Compliance, has recently been appointed as Chief Strategy Officer (CSO) to guide dtcpay through its next phase of growth and innovation.

Anson Zeall: Seasoned Veteran in Compliance Management

As Head of Compliance, Anson has played an instrumental role in navigating dtcpay through the complex regulatory landscape inherent to the blockchain and cryptocurrency sectors. His dedication to maintaining the highest standards of legal and ethical conduct has been exemplary, establishing dtcpay as a reputable and compliant entity within the industry.

CSO Appointment: A Strategic Move

The appointment of Anson as Chief Strategy Officer in addition to Head of Compliance, is not only a recognition of his contributions but also a strategic move to reinforce our commitment to strategy and compliance. Anson’s comprehensive understanding of regulatory intricacies positions him perfectly to lead dtcpay forward in an era where strategy and compliance are paramount.

An Entrepreneurial Spirit in Compliance

Beyond his role in compliance, Anson brings forth an entrepreneurial spirit evidenced by his co-founding of IDAXA (The International Digital Asset Exchange Association) and ACCESS (The Singapore Cryptocurrency and Blockchain Industry Association). This dual expertise in both compliance and entrepreneurship enriches our organizational ethos, marrying regulatory precision with a forward-thinking approach.

Active Engagement in Regulatory Dialogues

Anson has been actively engaged in various regulatory collaborations, notably contributing to events such as the V20 Summit. His ability to navigate complex regulatory dialogues and influence policy discussions underscores not only his deep industry knowledge but also his strategic insight into the evolving regulatory landscape.

dtcpay: Pioneering Secure and Compliant Transactions

Founded in 2019 in Singapore, dtcpay stands as a regulated payment service provider at the forefront of the web3 payments industry. Our commitment to ensuring secure and compliant transactions for merchants and users alike has been a cornerstone of our success.

An Era of Strategic Leadership

With Anson assuming the role of CSO, dtcpay is poised for a future where security and compliance are integral components of our strategic vision. This appointment underscores our dedication to maintaining the highest standards of security and regulatory compliance in an ever-evolving industry.

Looking Ahead

As we embark on this new chapter under Anson’s leadership, we anticipate an era of continued growth, innovation, and unwavering commitment to compliance and security. We extend our sincere congratulations to Anson on this well-deserved appointment and express confidence in his ability to guide dtcpay towards new heights of success.
We look forward to the continued support of our clients, partners, and stakeholders as dtcpay advances under the leadership of Anson as Chief Strategy Officer.
Follow Anson on LinkedIn and Twitter.

About dtcpay

dtcpay is a regulated payment service provider that offers reliable solutions for merchants to grow their revenues with higher acceptance rates for Fiat and cryptocurrency transactions. Our client’s customers benefit from frictionless payment experiences whether they are using our award-winning POS+ terminal in-store or using our online checkout.

 

Founded in 2019 in Singapore, dtcpay is a licensed Major Payment Institution (MPI) under the Monetary Authority of Singapore (MAS) and offers Digital Payment Token (DPT) services.

 

Website | Blog | LinkedIn | X | Instagram | Facebook | YouTube

Announcement,Partnership

dtcpay and ICC Camp Forge Strategic Web3 Partnership

dtcpay, a regulated payments leader, joins forces with ICC Camp, a web3 accelerator program focused on nurturing the next wave of Web3 gaming entrepreneurs.

2 Jan 2024 2 mins Read

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We are thrilled to announce a groundbreaking partnership that is set to reshape the landscape of Web3 payments and gaming entrepreneurship. dtcpay will be joining forces with ICC Camp, a game-changing (pun intended) startup camp focused on nurturing the next wave of Web3 gaming entrepreneurs.

dtcpay: Your Bridge Between Web2 and Web3

dtcpay is a regulated payment service provider that empowers customers and merchants worldwide to effortlessly manage crypto, cash, and card payments.
Since its founding in 2019 in Singapore, dtcpay has emerged as a trusted Major Payment Institution (MPI) under the Monetary Authority of Singapore (MAS), offering Digital Payment Token (DPT) services.

“We are excited to embark on this transformative journey with ICC Camp. Our mission has always been to provide secure and efficient payment solutions, and this partnership will enable us to extend our reach into the dynamic realm of Web3 gaming entrepreneurship.”

Anson Zeall

Chief Strategy Officer, dtcpay

ICC Camp: Fostering Innovation in Web3 Gaming

ICC Camp is a startup camp with a mission to cultivate and support entrepreneurs in the future Web3 gaming industry. This collaboration marks a strategic move for ICC Camp, positioning them to play a pivotal role in the intersection of payments and gaming entrepreneurship.

“Our collaboration with dtcpay marks a significant milestone for ICC Camp. By integrating the strengths of a regulated payments leader, we are better equipped to support and nurture startups in the Web3 gaming space. Together, we will create a robust global Web3 game ecological network.”

ICC Camp

Empowering the Industry: A Win-Win for All

The partnership between dtcpay and ICC Camp is poised to bring about a myriad of benefits for stakeholders involved.
This collaboration is not just about transactions; it’s about creating an ecosystem that nurtures innovation in the Web3 gaming industry. ICC Camp, with the support of dtcpay, will provide an unparalleled platform for startups to thrive, innovate, and contribute to the rapidly-evolving Web3 landscape.
By combining forces, the partnership will create a ripple effect, benefiting stakeholders, users, and the Web3 industry at large.

Conclusion

The alliance between dtcpay and ICC Camp represents a pivotal moment in the evolution of Web3 payments and gaming entrepreneurship.
We anticipate a future where innovation thrives, transactions become seamless, and startups find the support they need to make a lasting impact in the dynamic Web3 landscape.

Learn more about dtcpay: dtcpay.com

Follow dtcpay on: LinkedIn | Twitter

Learn more about ICC Camp: Iccombinator.com

Follow ICC Camp on X: @camp_icc

Get in touch with ICC Camp: camp@icccombinator.com

Media Feature

More businesses accepting crypto as payment method

As featured on Channel NewsAsia, 30 Dec 2023

30 Dec 2023 < 1 mins Read

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As featured on Channel NewsAsia, 30 Dec 2023


More businesses accepting crypto as payment method

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Singapore’s dtcpay Integrating Crypto Transaction into In-store Checkouts & Shaping the In-store Experience

As featured on Publish0x, 12 Dec 2023

12 Dec 2023 4 mins Read

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As featured on Publish0x, 12 Dec 2023


Before the advent of web 2 e-commerce, virtual marketplaces, electronic payment & home delivery which is the norm today the closest thing for convenience was Hudson Bay Company’s 1881 mail order catalogue, at a time when department stores were located in urban areas to reach potential customers in remote rural locations the only way to do so was by mail order catalogues. Then came checkout lanes, cashiers, cash registers and cash transactions which evolved into the addition of credit & debit card transactions at the in-store cash register & due to minimum wage increase & the increased hourly cost of labor came self-service checkouts at grocery stores. But today in the Asian city-state of Singapore which has become a hub for electronic payment & where electronic payment is commonplace, Digital Treasures Center Pay (DTCPay) has set the stage for an additional new form of electronic online & in-store payment by integrating fiat currency & cryptocurrency making physical in-store checkout cryptocurrency transactions & online virtual checkout cryptocurrency transactions the new reality set to shape in-store & online financial transactions with the launch of a payment system giving consumers the option to pay for goods with both fiat currency or cryptocurrencies Tether, Ethereum & BTC at a physical in-store checkout or online at a virtual checkout.

Digital Treasures Center Partnerships

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.

Digital Treasures Pay Track Record

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.

The Future In-Store Experience

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.

 

Media Feature

Allinpay International, dtcpay and PlatON jointly launch smart terminal digital payment, helping…

As featured on Foresight News, 23 Nov 2023

23 Nov 2023 2 mins Read

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As featured on Foresight News, 23 Nov 2023


Allinpay International, dtcpay and PlatON jointly launch smart terminal digital payment, helping Singapore merchants to accept offline digital currency payments

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.

 

Media Feature

dtcpay Partners With PlatON, Allinpay To Launch Crypto Payment Network

As featured on Bitcoin World, 20 Nov 2023

20 Nov 2023 < 1 mins Read

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Table of Contents

As featured on Bitcoin World, 20 Nov 2023


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.

 

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dtcpay to Introduce Seamless Crypto Payment Network

As featured on IndustryWired, 20 Nov 2023

2 mins Read

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As featured on IndustryWired, 20 Nov 2023


dtcpay’s seamless integration of cryptocurrency networks revolutionizes payment systems

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.