Singapore is entering a new phase of cryptocurrency adoption in everyday transactions through a partnership between RedotPay, Visa, and StraitsX. This initiative promises to simplify the integration of digital assets into retail payments.
Innovative Crypto Payment Card
The primary aim of the collaboration between RedotPay, Visa, and StraitsX is to launch an innovative card program that enables users to seamlessly integrate and spend digital assets alongside traditional currency in the retail payment system. This will be achieved through the deployment of RedotPay’s advanced real-time conversion technology, Visa’s extensive global payment network, and the supportive role of StraitsX as the BIN sponsor.
Project Support and Prospects
Jason Tay, Head of Commercial at StraitsX, highlighted the significance of this partnership for everyday retail transactions. He believes that their combined efforts will transform the way consumers interact with cryptocurrencies in retail.
Technology and Security
Visa's Country Manager for Singapore, Adeline Kim, noted Singaporean consumers’ growing awareness and usage of cryptocurrencies. A Visa study indicates that nearly six in ten consumers in Singapore are familiar with digital currencies, and over 35% of crypto holders are already using them for retail purchases. This initiative aligns with Visa’s vision of becoming the best way to pay and be paid.
The RedotPay card program was soft-launched in late 2024, focusing on security and convenience, reinforcing its position as a key player in the cryptocurrency transaction market.
