SINGAPORE – In a move that will help digital assets gain firmer ground in the payments sector, Visa has roped in a digital payment solutions firm to handle transactions in cryptocurrencies.

New York-listed Visa will integrate Singapore-based dtcpay’s digital payment capabilities into its global payments network.

The first phase of their agreement will be the launch of the dtcpay Visa Infinite card in the fourth quarter, the two firms said on Sept 18.

This card will allow users to convert digital currencies such as stablecoins into fiat at competitive real-time rates.

The fiat money will be used to make payments on users’ cards.

Under this deal, dtcpay has access to Visa’s 130 million merchants in over 200 countries and territories.

The companies will also develop additional global payments solutions aimed at ultra-high-net-worth (UHNW) individuals, businesses and consumers.

Visa and dtcpay said the partnership seeks to bridge the gap between traditional payments and digital currencies, and to enable merchants to accept payments from this growing segment of UHNW customers.

With developments in payment methods and platforms enabling seamless commerce across borders, the digital economy in South-east Asia is projected to hit US$1 trillion (S$1.29 trillion) by 2030, the firms said.

Various companies, particularly in Singapore, have been moving to add crypto as a payment option as digital assets and blockchain are viewed as having a role to play in the future of transactions.

In May, Singapore-based cryptocurrency payment firm Triple-A said that it had added American company PayPal’s digital coin to its offerings, as it moved to expand its reach in the United States and globally.

Earlier in 2024, ride-hailing operator Grab introduced digital currency top-ups in a tie-up with Triple-A.

Another ride-hailing platform, Tada, has partnered with The Open Network Foundation to allow passengers to pay for their rides with digital assets.

Ms Adeline Kim, Visa’s Singapore country manager, said:

Ms Alice Liu, chief executive and co-founder of dtcpay, said the move will create an additional digital payment avenue for businesses and individuals.

She said that it will also enable dtcpay to drive greater mainstream acceptance for digital currencies.