SINGAPORE, March 14, 2022 – OxPay Financial Limited (SGX: TVV) (“OxPay” or the “Company”, and together with its subsidiaries, the “Group”) is pleased to announce that it has partnered TripleA, a cryptocurrency exchange holding a digital payment token license in Singapore, to offer local merchants the option of accepting payments in cryptocurrencies and receive settlement in fiat currencies. This will allow customers to shop and to spend their cryptocurrencies on their favorite brands.
The joint service between OxPay and TripleA, targeted for launch first in Singapore between mid-May and June this year, will eventually be rolled out wherever OxPay and TripleA are operating. OxPay currently has a presence in Singapore, Malaysia, Thailand and Indonesia.
Founded in 2017 by mobile and payments entrepreneur Eric Barbier, TripleA currently operates in Singapore, with a presence in Hong Kong, the United States, South Africa and Europe. It was awarded its digital payment token license by the Monetary Authority of Singapore in November 2021. With its easy setup, highly competitive exchange rate and no-chargebacks payment system, TripleA helps businesses to boost their revenue by accessing the growing cryptocurrency community.
Cryptocurrency is steadily becoming a mode of payment in online purchases, with multinationals like Mastercard, Microsoft, Starbucks and Shopify accepting crypto payments. Along with the growth in the market capitalization of cryptocurrencies like Bitcoin, consumers are increasingly turning to crypto as a mode of payment.
A recent survey by cryptocurrency exchange Crypto.com and payment processing firm Worldpay FIS found that 75% of consumers and 60% of merchants want to transact in cryptocurrency. However, with only 4% of surveyed merchants accepting cryptocurrency as a method of payment today, there is a significant gap to fulfilling this customer demand. With limited or no opportunity to conduct direct transfers from consumer to merchant cryptocurrency wallets today, customers are typically forced to convert cryptocurrency to fiat currencies before making purchases, the report noted.
Mr. Henry Tan, Managing Director of OxPay said, “Cryptocurrency payment acceptance, an emerging option for many merchants and businesses, is gaining ground. We are honoured to partner with TripleA to support cryptocurrency transactions, as a means to meet the growing needs of both merchants and consumers in this space. OxPay will continue to embrace next-generation and cutting-edge technologies to stay ahead of the curve in the constantly evolving payments industry, so as to enhance our
merchants’ experience with us.”
OxPay is focused on servicing merchants in the retail, transportation, and food and beverage industries. Its wholly owned subsidiary, OxPay SG Pte. Ltd. (formerly known as MC Pay Pte. Ltd.), which was established in 2005, holds a major payment institution license in Singapore and is regulated by the Monetary Authority of Singapore under the Payment Services Act 2019.
