Singapore is entering a new phase of cryptocurrency adoption in everyday transactions through a partnership between RedotPay, Visa, and StraitsX.
This collaboration aims to launch an innovative card program enabling users to integrate and spend digital assets easily alongside traditional currency in the retail payment system.
According to a recent blog post, the collaboration leverages RedotPay’s advanced real-time conversion technology, Visa’s extensive global payment network, and the crucial support of StraitsX as the BIN sponsor. With this initiative, cryptocurrency holders in Singapore can use their digital assets at millions of Visa-accepting merchants worldwide without requiring manual conversions.
RedotPay CEO Michael expressed enthusiasm about the partnership, describing it as a significant step in making cryptocurrency payments more accessible and practical.
“Our users will enjoy the flexibility of spending their digital assets just like traditional currency,”
he said.
Jason Tay, Head of Commercial at StraitsX, echoed similar sentiments, highlighting the impact of the partnership on everyday retail transactions.
“As the BIN sponsor, StraitsX is dedicated to powering this initiative, which will transform how consumers interact with cryptocurrencies in the retail space,”
he stated.
Visa’s Country Manager for Singapore & Brunei, Adeline Kim, noted Singaporean consumers’ growing awareness and usage of cryptocurrencies. She referenced a Visa study indicating that nearly six in ten consumers in Singapore are familiar with digital currencies, with over 35 per cent of crypto holders already using them for retail purchases.
“Visa is committed to promoting innovation with our valued partners, and this initiative with RedotPay and StraitsX aligns with our vision of becoming the best way to pay and be paid,”
Kim remarked.
The RedotPay card program was soft-launched in late 2024, focusing on security and convenience. In July 2024, RedotPay partnered with the London Stock Exchange Group (LSEG) to enhance its services and comply with global regulations. This collaboration improved RedotPay’s KYC and AML screening using LSEG’s World-Check Intelligence platform.
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