SINGAPORE - In a sign that digital asset players are starting to make their way into the mainstream market here, Singapore’s biggest Apple products reseller will let customers make payments with cryptocurrencies.
iStudio and crypto payment gateway Triple-A on Tuesday announced a partnership that will allow customers to buy merchandise using cryptocurrencies at selected iStudio stores.
The roll-out will begin at stores across Singapore, including malls such as Jurong Point, Tampines Mall, Changi Airport Terminal 3, Paragon and NEX.
The integration of Triple-A’s crypto payment options will help it reach out to a fast-growing segment of tech-savvy customers, iStudio said.
It said crypto payments come with lower transaction fees, compared with conventional methods, and eliminate the risk of chargeback fraud for iStudio. Chargeback fraud occurs when a customer makes a legitimate purchase with his or her credit card but later disputes the charge and requests a return of funds to the card.
Mr Jeremy Lin, head of marketing at iStudio, said the retailer has been monitoring this payment method for some time.
He said Triple-A’s instant conversion to fiat and next-day bank settlement shield iStudio from cryptocurrency price fluctuations.
The crypto payment gateway also lets customers use their preferred crypto wallets, said Mr Lin.
Founded by chief executive Eric Barbier in 2017, Triple-A was among the first batch of applicants to receive a digital payment token licence from the Monetary Authority of Singapore in November 2021.
Market players have said that payments is one of the key growth trends in the digital asset space in the months ahead, with more well-known brands tying up with digital asset firms to offer crypto payments.
Mr David Tng, managing director of blockchain start-up accelerator TZ Apac, said the surge in adoption by mainstream entities has opened a promising gateway for blockchain start-ups to flourish in Singapore’s digital landscape.
“Partnerships like this showcase how crypto payments are evolving to be more user-friendly and accessible for everyone,” he added.
Mr Tng said there is also increased acceptance of mainstream payment methods for transactions on the blockchain, such as the use of Apple Pay to buy artworks on non-fungible token marketplaces.
“The synergy between mainstream adoption and start-up innovation in the blockchain realm is poised to help the financial sector mature, and position Singapore as a global leader in this exciting, decentralised frontier.”
In recent days, reports said leaked documents revealed that tech giant Microsoft is planning to add a crypto wallet into the next generation of its Xbox.
Around two weeks ago, global payments firm Circle Internet Financial partnered ride-hailing operator Grab to test out a Web3, blockchain-based wallet in a pilot here.
