Singaporean expense payment platform, ipaymy, has partnered with TripleA, a licensed crypto payment gateway by the Monetary Authority of Singapore, to offer customers the ability to pay for their rent, taxes, invoices, and employee salaries with cryptocurrencies, even if the recipient does not accept crypto. This innovative solution simplifies the end-to-end payment process, allowing users to fund their payments via any crypto wallet and have the payment deposited directly into the recipient's bank account in fiat currency, thanks to TripleA's white label crypto solution.
This payment solution is a game-changer in the commercial adoption of cryptocurrencies, especially since there are already 420 million crypto owners globally. The demand for goods and services paid for with crypto is increasing, and ipaymy's survey of thousands of users revealed that 64% hold crypto, and 35% are interested in using it for payments. However, the challenge lies in enabling merchants to accept crypto.
The traditional off-ramping process through a centralized exchange is lengthy and involves several fees, making it cost-ineffective and not a preferred method. Moreover, the process takes time and cannot be done instantaneously, which limits the utility of crypto as a payment option.
With ipaymy's partnership with TripleA, users can make a single, cost-effective, and reliable transaction, and the recipient receives the payment the next business day, making the process simpler and more streamlined. Payment advice is provided to the user, making it easier for reconciliation, especially for sensitive payments like corporate taxes and employee salaries. The introductory flat rate of only 0.80% per transaction for ipaymy's crypto payments is also cheaper than other alternatives.
According to Catherine Szulyk, COO of ipaymy, their partnership with TripleA is an industry-first, empowering businesses and individuals with the freedom to choose how they pay their expenses, thereby reaping the benefits of various payment methods. Their payment solution is secure and simplified, addressing the growing demand to transact in digital currencies.
TripleA CEO Eric Barbier shares the same sentiments, saying that their white label crypto payment solution enables their partners to accept crypto payments without managing crypto on their balance sheets, making it an ideal solution for businesses looking to offer cryptocurrency payments volatility-free.
ipaymy's plan is to introduce payment options for BTC, ETH, USDT, and USDC for their cross-border payment services and AI-driven invoicing and accounts receivable solution, Fetch. This expansion plan aims to cater to the growing demand for crypto payments without needing to hold crypto.
Ipaymy is committed to expanding its cryptocurrency payment capabilities in the other markets it operates in, such as Hong Kong, Australia, and Malaysia. The partnership between ipaymy and TripleA is a significant step in the commercial adoption of cryptocurrencies and streamlining payment processes, making it easier and more convenient for businesses and individuals to transact in digital currencies.
