Singaporean fintech adds Bitcoin payments for merchants with BitPay partnership

Usa Singapore city Singapore Canada India Malaysia Australia Hong Kong Philippines business Ethereum PayPal Bitcoin

07.04.2022 - 13:39

Reading now: 329

cointelegraph.com:

Nium, a cross-border payments firm based in Singapore, has announced the launch of a new API-based solution that will allow businesses to start accepting cryptocurrency payments.

As per the announcement, the newly launched product is called Crypto Accept. It allows online sellers to accept Bitcoin (BTC) and Ethereum (ETH) before expanding to other digital assets in 2023. Payments are sent to internet merchants' accounts in U.S. dollars or other fiat currencies the next business day, allowing vendors to expand their market and enhance their online payment experiences while avoiding price volatility.

Nium partnered with crypto payments processor BitPay to launch the Crypto Accept feature. Consumers will choose their preferred cryptocurrency wallet and scan a QR code to complete the transaction. The service will verify that digital currency is available and settle the transaction in the merchant's chosen currency.

According to Joaquin Ayuso de Paul, the senior vice president and head of Nium Crypto, “Consumers hold more than $3 trillion in cryptocurrency and are looking for more places to spend this money online.”

Nium was founded in 2014 as Instarem and is located in Singapore. The payments company claims a global network of 130 million consumers. The company is licensed as a Money Services Business (MSB) in Singapore, Australia, Hong Kong, Malaysia, India, Canada, Europe and the United States.

Related:Stripe announces fiat payment support for cryptocurrencies and NFTs

Nium's latest move follows in the footsteps of other popular payments providers to accept cryptocurrency payments. As reported by Cointelegraph, PayMaya, a Philippines-based major fintech firm, recently launched a new cryptocurrency feature on its app that allows

Read more on cointelegraph.com

All news from cointelegraph.com

About this in other media

Top cryptocurrency prices today: Dogecoin, Ethereum, Terra rally up to 20%; Bitcoin above $40,500 economictimes.indiatimes.com /2 years ago

Bitcoin Mining Efficiency Up 63% in Year, 'Sustainable Electricity Mix' Jumped 59% - Bitcoin Mining Council cryptonews.com /2 years ago

DeFi partnership aims to tokenize shares of pre-IPO companies cointelegraph.com /2 years ago

The website fvbb.com is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.