Singapore-based expense payment platform ipaymy has partnered with TripleA to support the commercial adoption of cryptocurrencies.
The partnership will enable ipaymy customers in Singapore to pay their rent, bills, taxes and employee salaries with cryptocurrencies, even if the recipient does not accept this form of payment. ipaymy leverages TripleA’s white-label crypto solution to create a streamlined and simplified payment experience. More specifically, the system allows users to make a payment through any crypto wallet, while the recipient receives the payment straight into their bank account in fiat currency.
When suppliers, landlords, or employees don’t accept payments in cryptocurrencies, companies or individuals typically have to go through a lengthy off-ramping process through a centralized exchange. This method involves a mix of spread, transaction and bank fees. Additionally, it creates uncertainty as to when the funds will arrive in the designated bank account as the funds cannot be sent directly to the intended final recipient.
ipaymy’s crypto payment solution in partnership with TripleA allows users to benefit from a single, low-cost transaction that ensures funds are always cleared to the recipient the next business day. Each transaction is also accompanied by a payment advisory to help with reconciliation and payments such as employee salaries and corporate taxes.
Referring to its partnership with TripleA, ipaymy officials highlighted the platform’s ability to support end-to-end transactions between crypto and fiat currencies. They also highlighted how this can help a growing number of people looking to transact in digital currencies while supporting the commercial adoption of cryptocurrencies.
The company’s press release reveals that there are currently 420 million crypto owners around the world, many of whom are looking for ways to pay for goods and services with crypto. A recent survey conducted by ipaymy found that 64% of respondents currently own crypto and 35% of them are interested in being able to use crypto to pay for their expenses.
More future developments of ipaymy
The Singapore-based platform plans to introduce BTC, ETH, USDT and USDC payment options to its cross-border payment services and AI-based billing and accounts receivable solution called Fetch. According to the company’s press release, Fetch can help businesses keep up with the increasing demand to accept crypto payments without having to hold crypto. This provides a “hands-off” approach to meeting their customers’ payment needs.
According to the same source, ipaymy also wants to expand its cryptocurrency payment capabilities beyond Singapore. To that end, the company wants to bring its crypto payment solutions to markets like Hong Kong, Australia, and Malaysia, as it already has a presence in those regions.