Visa teams up with Singapore-based dtcpay to create a crypto-to-fiat card

Card giant Visa recently teamed up with dtcpay, a payment firm based in Singapore, to create a new line of crypto-to-fiat cards. The partners intend to make a card that will enable ultra high net worth (UHNW) individuals to convert cryptocurrencies like stablecoins into fiat using real-time rates.

A New Crypto-To-Fiat Card For UHNWs Is Coming

Commenting on the partnership, dtcpay stated that the team-up with Visa will help bridge the gap between digital currencies and traditional payments. This will also allow merchants to accept payments from a rapidly growing segment of crypto-using UHNW customers.

Thanks to the company’s blockchain, as well as its multi-currency swap capabilities, users will be able to convert their digital assets into fiat currencies instantly. After that, the dtcpay Visa Infinite cards will handle the transactions with merchants.

The partners said that the card will become available for public registration later this year, in Q4 2024. Meanwhile, dtcpay also promised additional offerings for UHNW customers, as well as businesses in the future.

Visa’s country manager for Singapore, Adeline Kim, commented on the move, saying that the combination of Visa’s global reach and dtcpay’s Web3 expertise will allow the partnering firms to empower consumers and businesses alike. Their focus will be on users who use dtcpay to convert their cryptos into fiat, and make digital payments seamlessly.

Visa and dtcpay To Bridge The Crypto-Fiat Gap In The APAC Region

The collaboration will integrate dtcpay’s technology with Visa’s global network and provide access to 130 million merchants around the world. As mentioned, the first phase will introduce the dtcpay Visa Infinite card, while future phases will focus on developing new global payment solutions for UHNWs, businesses, and other consumers.

With the crypto sector gaining traction in Asia-Pacific, dtcpay and Visa plan to help this region bridge the gap between cryptos and fiat currencies. It is also worth noting that recent regulatory developments and trends in the area are shaping the landscape for digital payments and cryptocurrencies.

Singapore, specifically, has become a leading hub for digital finance in the area, thanks to a regulatory framework that has evolved to support innovation and secure financial stability at the same time. 

The Monetary Authority of Singapore also used the Payment Services Act to implement comprehensive regulations that govern digital payment tokens and electronic payments. As such, they bhave brought clarity and security for consumers and businesses alike.

As for the broader APAC region, regulatory approaches vary, sometimes quite widely. Australia and South Korea have introduced some measures to regulate digital asset exchanges and ICOs, but their focus has been on protecting consumers and financial integrity.

However, nations like China have restricted cryptocurrencies, banning trading and mining activities, essentially only allowing their citizens to own crypto and not much else, which is why Chinese traders tend to take their cryptos to international exchanges.