OxPay Financial has partnered cryptocurrency payment gateway TripleA. The partnership was done in a bid to offer OxPay’s local merchants to accept payments in cryptocurrencies, says OxPay in a March 14 statement.
The joint service between OxPay and Triple A is targeted to launch in Singapore between mid-May and June this year. It will then eventually be rolled out in OxPay’s other markets such as Malaysia, Thailand and Indonesia.
TripleA was founded in 2017 by mobile and payments entrepreneur Eric Barbier. It currently operates in Singapore with a presence in the US, Hong Kong, South Africa and Europe. It was awarded its digital payment token license by the Monetary Authority of Singapore in November 2021.
According to OxPay, a recent survey conducted by cryptocurrency exchange Crypto.com and payment processing firm Worldpay FIS found that 75% of consumers and 60% of merchants want to transact in cryptocurrency. In contrast, only 4% of the merchants surveyed accept cryptocurrency as a method of payment to date.
“Cryptocurrency payment acceptance, an emerging option for many merchants and businesses, is gaining ground. We are honoured to partner with TripleA to support cryptocurrency transactions, as a means to meet the growing needs of both merchants and consumers in this space. OxPay will continue to embrace next-generation and cutting-edge technologies to stay ahead of the curve in the constantly evolving payments industry, so as to enhance our merchants’ experience with us,” says Henry Tan, managing director of OxPay.
Shares in OxPay closed 0.4 cent lower or 2.55% down at 15.3 cents on March 14.
