08. Accepting Crypto Payments
Table of Contents
Reasons to accept crypto payments
- simplified cross-border transactions and lower foreign exchange fees (compared to credit cards) for international orders
Payment Acceptance Service Providers
Coinbase Commerce is an enterprise digital payment service offered by cryptocurrency exchange and wallet service Coinbase.
The service allows you to accept payments in Bitcoin, Bitcoin Cash, DAI, Ethereum, Dogecoin, USD Coin, and Litecoin. When your customers make a payment, it is received directly into your merchant wallet.
- FOMO Pay is the first Major Payment Institution to introduce a cryptocurrency payment method for merchants in Singapore
- The new solution is part of the firm’s mission in building Asia’s first licensed gateway connecting businesses to both fiat and cryptocurrency
- retailers will be able to accept a range of different cryptocurrencies, including but not limited to Bitcoin, Ethereum, USDT, and USDC.
Louis Liu, Founder and Chief Executive Officer at FOMO Pay:
“The rise in the adoption of cryptocurrency has opened up more avenues for consumers in the way they make their payments. FOMO Pay aims to gear our merchants with crypto acceptance, allowing them to support more payment methods. This brings us one step closer towards our mission to build Asia’s first licensed gateway that connects businesses with fiat and crypto.”
Earlier in March 2022, FOMO Pay had announced that it has entered into a strategic agreement to collaborate with Circle Internet Financial, LLC (“Circle”), to integrate the USDC stablecoin into its services, allowing merchants, corporate and financial institution clients to seamlessly convert between USDC and fiat currency.
From ChannelNewsAsia on 13 April 2022:
In April 2022, Nium, a cross-border payments firm based in Singapore, announced the launch of a new API-based solution named ‘Crypto Accept’, that will allow businesses to start accepting cryptocurrency payments.
Nium partnered with crypto payments processor BitPay to launch Crypto Accept.
For a start, Crypto Accept will allow online sellers to accept Bitcoin (BTC) and Ethereum (ETH), before expanding to other digital assets in 2023.
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.
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Merchants accepting crypto payments
- Charles & Keith [Mar 2022]
- e-commerce site
- EuroSports Global [Apr 2022]
- luxury car distributor
- partnering with FOMO Pay
- F1 Auto Cars
- super car dealer
- pet supplies store in Singapore