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Stablecoins open the way for intelligent payments
With a Singapore-dollar stablecoin already operating, payments can be easier and cheaper for tourists, consumers and businesses.
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Singapore now has more than 130,000 merchants that accept payments from international wallets through the Alipay+ and GrabPay networks.
PHOTO: FAIRPRICE GROUP
Not long ago, if a South Korean tourist visited Singapore and paid for dinner at a restaurant, she would typically use her Korean-issued debit or credit card. Her Korean bank would convert won into Singapore dollars, apply a forex spread and add a foreign-usage fee that could approach 3 per cent.
Today, the experience can be very different. She can open her Kakao Pay app, scan a QR code at the cashier and complete the payment instantly – exactly as she would back home. There would be no card surcharge and no visible forex conversion.
