With the help of BitPay, a Singaporean fintech company has added Bitcoin payments for merchants

Before extending to other digital currencies next year, Crypto Take allows online sellers to accept BTC and ETH.

Nium, a Singapore-based cross-border payments company, has announced the release of a new API-based solution that will enable businesses to accept bitcoin payments.

The newly launched product is known as Crypto Accept, according to the announcement. Before expanding to other digital assets in 2023, it allows online vendors to take Bitcoin (BTC) and Ethereum (ETH). Payments in US dollars or other fiat currencies are deposited to internet merchants’ accounts the next business day, helping them to grow their market and improve their online payment experiences while avoiding price volatility.

The Crypto Accept service was launched in collaboration with BitPay, a cryptocurrency payment processor. Consumers will select their favourite cryptocurrency wallet and finish the transaction by scanning a QR code. The service will confirm the availability of digital currency and settle the transaction in the merchant’s preferred currency.

“Consumers own more than $3 trillion in cryptocurrencies and are seeking for new places to spend this money online,” says Joaquin Ayuso de Paul, senior vice president and head of Nium Crypto.

Nium began as Instarem in 2014 and is based in Singapore. The payments organisation claims to have a global customer base of 130 million people. Singapore, Australia, Hong Kong, Malaysia, India, Canada, Europe, and the United States have all granted the corporation a Money Services Business (MSB) licence. Nium’s latest move follows in the footsteps of several well-known payment services that have begun to take cryptocurrency. PayMaya, a large fintech firm located in the Philippines, just unveiled a new cryptocurrency function on its app that allows users to trade, purchase, and spend digital assets using their accounts.

Through a partnership with Paxos Trust Company, PayPal-owned Venmo has a similar function that allows users to buy, store, and trade cryptocurrencies straight on the app. In March of last year, PayPal began accepting Bitcoin as a form of payment for its millions of global merchants.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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