The partnership will allow ipaymy's customers in Singapore to pay their rent, invoices, taxes, and employee salaries with cryptocurrencies, even if their recipient doesn't accept this form of payment. ipaymy leverages TripleA's white-label crypto solution in order to create a streamlined and simplified payment experience. To be specific, the system allows users to fund a payment through any crypto wallet while the recipient receives the payment directly into their bank account in fiat currency.
Typically, when suppliers, landlords, or employees don’t accept payments in cryptocurrencies, businesses or individuals need to go through a lengthy off-ramping process through a centralised exchange. This method involves a mix of spread, transaction, and bank fees. Moreover, it causes uncertainty when the funds will arrive in their designated bank account, as funds cannot be sent directly to the intended end recipient.
ipaymy’s crypto payment solution in partnership with TripleA allows users to benefit from a single, cost-effective transaction that ensures funds will always be settled to the recipient during the next business day. Each transaction is also accompanied by payment advice that aims to help with reconciliation and payments such as employee salaries and corporate taxes.
Regarding their partnership with TripleA, ipaymy officials emphasised the platform’s capability to support end-to-end transactions between crypto and fiat currency. They also highlighted how this can help a growing number of people who are looking to transact in digital currencies while supporting the adoption of cryptocurrency commercially.
The company press release reveals that there are currently 420 million crypto owners around the world, many of which are looking for ways to pay for goods and services using crypto. A recently conducted survey by ipaymy found that 64% of respondents currently hold crypto and 35% of them were interested in being able to pay their expenses with crypto.
The Singapore-based platform plans to introduce BTC, ETH, USDT and USDC payment options to their cross-border payment services and their AI-based invoicing and accounts receivable solution named Fetch. According to the company press release, Fetch can help businesses keep up with the increasing demand to accept crypto payments without having to hold crypto. This offers a 'hands-off' approach to addressing the payments requirements of their clients.
According to the same source, ipaymy also wants to expand its cryptocurrency payment capabilities beyond Singapore. To this end, the company is looking to bring its crypto payment solutions into markets such as Hong Kong, Australia, and Malaysia, as it already has a presence in these regions.
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