DtcPay Setting the Stage for Future In-Store & Online Purchasing
I recall the days before the advent of online shopping when shopping was in-store & payment options were cash, check, debit or credit card & gift card. Then came web2 online shopping, virtual money & digital payment options such as PayPal, debit or credit card, electronic gift card & prepaid card. With the widespread & growing popularity of electronic payments in Asia's city state of Singapore & Coinbase licensed by the Monetary Authority of Singapore (MAS), Digital Treasures Center Pay (DTCPay) is in position to launch a new payment system which can be used both for in-store & online transactions integrating & assisting exchanges of both fiat currencies & renowned cryptocurrencies such as USDT & Ethereum into this new innovative retail payment ecosystem.
DTCPay has formed a partnership with Singapore-based open source blockchain platform PlatON for the purpose of providing a digital infrastructure that is privacy protected, DTCPay has also teamed up with Chinese-based Allinpay International for the development of smart terminals & digital interface. As partners with DTCPay & to fulfill the prerequisites of regulatory compliance in addition to Singapore's commitment to consumer protection, both PlatON & Chinese-based Allinpay are MAS registered payment institutions.
Chinese-based & MAS registered Allinpay's parent company Tonghua International stated that the collaboration with Singapore's DTCPay & PlatON is designed to facilitate online & in-store retail merchants in the adaptation of contemporary, state-of-the-art payment trends & meet the needs of Singapore's younger consumers.
DTCPay previously secured an agreement with London, UK-based verification platform Sumsub in order to provide KYC services for Sumsub's digital wallet. Additionally DTCPay was a participant in Mastercard's Start Path program which was a program designed to help the scalability of crypto & blockchain startups.
Singapore is looking into the potential of CBDC but at present the MAS sees no 'use case' for a retail CBDC & outside Asia, the Bank of Canada has said that widespread CBDC adoption will introduce a retail CBDC in Canada but the majority of Canadians see cash as king but for the Canadian dollar to be king requires the Canadian dollar to be backed by gold & additionally what may be a bit of a blind spot with North American crypto enthusiasts is the rise of Soramitsu in Southeast Asia who look to set the stage for a global payment system for both in-store and online shopping where consumers can make purchases both in-store & online using stablecoins & retail CBDCs, both Soramitsu & DTCPay are Asia's gamechangers setting the stage for cryptocurrency & eventually retail CBDC in-store transactions. At present retail CBDC in-store transactions at Walmart is non-existent but over in the E.U region Rishi Sunak the British Prime Minister is in favor of the introduction of a retail CBDC & in addition to the recent Travel Rule enacted by the Financial Conduct Authority, Europe creates opportunities for Soramitsu but keep in mind that DTCPay previously secured an agreement with London UK-based verification platform Sumsub.