Visa and Singapore-based digital payments solutions provider dtcpay partnered to help consumers and businesses convert digital currencies into fiat and make digital payments.
By integrating dtcpay’s digital payments capabilities with Visa’s global payments network, this collaboration will enable access to 130 million merchants in more than 200 countries and territories, the companies said in a Wednesday (Sept. 18) press release.
The capability will further dtcpay’s mission to enable digital currencies to be used and accepted by mainstream financial systems, dtcpay CEO and co-founder Alice Liu said in the release.
“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,” Liu said.
The first product to result from this collaboration will be a dtcpay Visa Infinite card that will enable users to convert stablecoins and other digital currencies into fiat currencies at real-time rates and use the fiat currencies to fund their dtcpay Visa Infinite card, according to the release.
In subsequent phases of the partnership, the companies will develop additional global payment solutions for businesses, ultra-high-net-worth individuals and other consumers, per the release.
“Visa’s partnership with dtcpay underscores our commitment to driving innovation in the payments industry,” Adeline Kim, country manager of Singapore at Visa, said in the release. “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.”
Tech-driven consumers who are the first to buy the latest connected devices are also the most willing to try cryptocurrency, according to the PYMNTS Intelligence report “Shopping With Cryptocurrency: Tech-Driven Consumers Drive Market Acceptance.”
The report found that 24% of tech-driven consumers are habitual cryptocurrency users, which means they use it at least 10 to 20 times a month, and 26% of these consumers are so eager to use cryptocurrency for shopping that they are willing to switch to merchants that accept it at checkout.
In another partnership in the space, Visa and Wirex teamed up in July to promote the use of digital currencies in Europe and the United Kingdom.
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