With Worldpay on Luno, users are able to transact using their cards and are subject to a flat 3.5% all-inclusive transaction fee. This includes card merchant and Luno's processing fees.
This makes it one of the lowest transaction fees available in the market amongst the 14 companies that have received an in-principle approval (IPA) from the Monetary Authority of Singapore (MAS), the company claims.
The addition of Worldpay puts Luno at the forefront against competitors in Singapore with existing card payment options, says its global expansion manager and country manager for Singapore Sherry Goh.
Founded in 2013, Luno was acquired by the world’s largest blockchain investor Digital Currency Group in 2020.
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Luno Singapore was granted IPA from the MAS under the Payment Services Act to provide digital payment token services in Singapore in April, becoming the first global retail-focused cryptocurrency app in Singapore to obtain such approval.
The company had recently introduced USDC Savings Wallet and two new cryptocurrencies — Chainlink and Uniswap — to its Singapore app.
