Fincy expands contactless transaction ecosystem with crypto payments

Tuesday 4 August 2020 09:50 CET | News

Fincy, a Singapore-based money app, has announced support for approved cryptocurrencies.

This is in addition to Fincy’s fiat offerings, including a multi-currency account, currency exchange, and instant transfers. The launch comes at a time when the Monetary Authority of Singapore (MAS) has allowed crypto companies to flourish under its twelve-month exemption period.

Users can send a variety of popular cryptocurrencies, such as Bitcoin and Ether, from their existing crypto wallets directly to their Fincy wallet. Once inside Fincy, the crypto can be sent to other users, traded on the exchange, converted to fiat currency, or spent at participating merchants.

Merchants can offer crypto as a payment option while still receiving payouts in Singapore dollars. This is thanks to BCB blockchain, the technology underpinning Fincy, which assists with instantaneous conversion between crypto and fiat. Online merchants can connect Fincy directly to their existing applications. An ecommerce shop or SaaS provider, for example, can make Fincy a payment option.

Moving forward, Fincy plans to implement a token-based loyalty system in which merchants can issue their own custom tokens directly to Fincy users. Discounts and other rewards can be earned when users use these tokens. The use of tokens allows merchants to track campaign success and customer loyalty over time, as well as cross-promote with other Fincy merchants.

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Keywords: money app, crypto, merchants, Bitcoin, Fiat, Singapore, Fincy, payment options, token-based loyalty system
Categories: DeFi & Crypto & Web3
Countries: Singapore
This article is part of category

DeFi & Crypto & Web3