Singapore, 30 Mar 2023 – Singapore-based expense payment platform, ipaymy, has announced a new partnership with Triple-A, a digital currencies payment gateway licensed by the Monetary Authority of Singapore (MAS). This partnership will enable ipaymy’s customers in Singapore to pay their rent, invoices, taxes, and employee salaries with digital currencies, even if their recipient doesn’t accept digital currencies. This represents a groundbreaking step forward in the adoption of digital currency commercially.
With Triple-A’s white label digital currencies solution, ipaymy provides a streamlined end-to-end payment experience, in which a user funds a payment through any digital currencies wallet and the recipient receives the payment directly into their bank account in fiat currency. This is a game changing solution on how businesses and individuals can pay their largest expenses with popular digital currencies such as Bitcoin, Ethereum and Tether.
With 420 million digital currencies owners globally, there is increasing demand to pay for goods and services in digital currencies. We already see examples of retailers accepting digital currencies payments for a huge range of goods and services, from coffee to designer bags. ipaymy recently conducted a survey among thousands of users, which found that 64% of respondents currently hold digital currencies and 35% of them were interested in being able to pay their expenses with digital currencies. The challenge and opportunity now lies in further enabling merchant acceptance.
If a supplier, employee or landlord doesn’t accept digital currencies, a business or individual typically needs to go through the lengthy off-ramping process through a centralised exchange. This can involve a combination of spread, transaction and bank fees and an uncertainty as to when the funds will arrive in their designated bank account. Under this approach, funds cannot be sent directly to the intended end recipient. When the settlement time ranges from a couple hours to several days, not only can this be prohibitively slow, but it becomes a roadback to digital currencies utility as the intention to ‘pay’ needs to be planned far in advance.
By partnering with Triple-A, ipaymy’s digital currencies payment solution provides users with a single, cost effective and reliable transaction, with the funds always settled to the recipient the next business day. For each transaction, payment advice is provided to the user for ease of reconciliation and to substantiate sensitive payments such as employee salaries and corporate taxes. ipaymy launched their digital currencies payments with an introductory flat rate of only 0.80% per transaction, which can be over half the cost of leading alternative methods.
“Our solution is a true industry-first in the global payments landscape, and it perfectly aligns with ipaymy’s core mission of empowering business and individuals with the freedom and flexibility to choose how to pay their expenses. This allows them to take full advantage of the unique benefits that come with various payment methods,” said Catherine Szulyk, COO of ipaymy. “Through our partnership with Triple-A, we’re excited to provide a secure and simplified method for conducting end-to-end transactions between digital currencies and fiat currency, eliminating a key barrier for the growing population that wants to transact in digital currencies.”
“We are excited to partner with ipaymy and offer their customers a new way to make everyday payments with digital currencies,” said Eric Barbier, CEO of Triple-A. “Our white label digital currencies payment solution enables our partners to reap the benefits of accepting digital currencies payments, without managing digital currencies on their balance sheets. This makes it an ideal solution for businesses looking to offer digital currency payments volatility-free.”
ipaymy plans to introduce BTC, ETH, USDT, and USDC payment options to their cross-border payment services and their AI-driven invoicing and accounts receivable solution, Fetch. Through Fetch, businesses can meet the growing demand to accept digital currencies payments without ever having to hold digital currencies, providing them with a ‘hands-off’ approach in addressing their clients’ payment preferences.
ipaymy is committed to expanding its digital currency payment capabilities beyond Singapore and plans to introduce this payment solution in the other markets they currently operate in including Hong Kong, Australia, and Malaysia.
To get started with paying your expenses with digital currencies learn more here.
About ipaymy
ipaymy is a licensed financial technology company that offers comprehensive solutions to the common cash flow and short-term financing challenges faced by businesses of all sizes.
Our innovative payment technology products help businesses streamline their accounts receivable and accounts payable processes through a user-friendly, all-in-one payments platform. Our technology enables businesses to use their preferred method – card or digital currencies, to pay virtually any business expense, unlocking working capital and improving cash flow. Additionally, our smart invoicing solution, Fetch, offers effective tools to help businesses get invoices paid quickly and on-time. Whether you’re a small business or a large enterprise, ipaymy can optimize cash flow and streamline payment operations.
For more information visit https://www.ipaymy.com.
About Triple-A
Triple-A is a licensed digital currencies payment gateway that helps businesses increase their revenue by enabling digital currencies payments and payouts, giving them access to the spending power of the fast-growing 420m+ digital currency users.
Triple-A’s white label digital currencies payments solutions allow businesses from all industries to leverage the benefits of the growing digital currencies market without being exposed to volatility risk or having to handle or convert digital currencies. Their solutions are compatible with all wallets, easy to integrate and offer instant confirmation, locked-in exchange rates and chargeback protection.
Licensed by the Monetary Authority of Singapore (MAS) and trusted by over 15,000 businesses, Triple-A makes accepting digital currencies payments simple for businesses across the globe.
For more information visit https:/triple-a.io
