Visa and Singapore-based digital payment solutions provider dtcpay has partnered to help consumers and businesses convert digital currencies to fiat currency and make digital payments.
By integrating dtcpay’s digital payment capabilities into Visa’s global payments network, the collaboration will provide access to 130 million merchants in more than 200 countries and territories, the companies said in a statement released Wednesday (Sept. 18). press release.
This capability will further dtcpay’s mission to enable digital currencies to be used and accepted by major financial systems, said dtcpay CEO and co-founder. Alice Liu said in the statement.
“By reinforcing this ambition with Visa’s commitment to innovation, our partnership will introduce an additional digital payment pathway for businesses and individuals, enabling dtcpay to drive greater mainstream acceptance of digital currencies,” Liu said.
The first product from this collaboration will be a dtcpay Visa Infinite card that will allow users to convert stablecoins and other digital currencies into fiat currencies at real-time rates and use fiat currencies to fund their dtcpay Visa Infinite card, the release said.
In subsequent phases of the partnership, the companies will develop additional global payment solutions for businesses, high-net-worth individuals and other consumers, the statement said.
“Visa’s partnership with dtcpay underscores our commitment to driving innovation in the payments industry,” Adeline KimVisa’s Singapore country manager, said in the statement. “By combining Visa’s global reach with dtcpay’s Web3 expertise, we are enabling “Consumers and businesses who use dtcpay to convert their digital currencies into fiat currency and make digital payments seamlessly.”
Tech-savvy consumers who are the first to buy the latest connected devices are also the most willing to try them out cryptocurrencyaccording to the PYMNTS intelligence report “Cryptocurrency Purchases: Tech-Savvy Consumers Drive Market Acceptance.”
The report found that 24% of tech-savvy consumers are habitual cryptocurrency users, meaning they use it at least 10 to 20 times per month, and 26% of these consumers are so eager to use cryptocurrency to make purchases that they are willing to switch to merchants that accept it at checkout.
In another space partnership, Visa and Wirex teamed up in July to promote the use of digital currencies in Europe and the UK.
