RedotPay and StraitsX offer crypto enthusiasts another way to spend their cryptocurrencies effortlessly at millions of Visa-accepting merchants worldwide.
RedotPay, a Hong Kong-based crypto payment provider, has partnered with Visa and StraitsX, a pioneering stablecoin issuer and developer of payment infrastructure for digital assets in Southeast Asia, to launch a crypto credit card program in Singapore.
RedotPay’s proprietary real-time conversion technology facilitates the offering, which also includes access to Visa’s extensive global payment network. StraitsX, in turn, serves as the BIN sponsor for the novel card program, which breaks down barriers between the emerging crypto economy and the traditional financial system.
The partnership marks a major step toward integrating digital assets into everyday financial transactions. As the complexities of converting crypto to fiat are managed behind the scenes, program users in Singapore can expect a smoother, more accessible shopping experience when using digital assets for daily purchases. According to Visa’s data, over 35% of cryptocurrency owners in Singapore use their crypto assets for retail purchases rather than simply storing them for long-term investment purposes.
By integrating with Visa, one of the world’s most established payment networks, RedotPay and StraitsX ensure that digital spending won’t be confined to a niche market. Instead, it can reach millions of merchants worldwide that accept ordinary Visa debit and credit cards.
Both RedotPay and StraitsX are regulated entities in their respective jurisdictions (Hong Kong and Singapore), not to mention Visa, which operates globally on a legal basis. This regulatory compliance is crucial for encouraging broader crypto adoption among people who might otherwise be cautious about entering the digital asset space.
Adeline Kim, Visa Country Manager for Singapore & Brunei, stated that Visa was delighted to back its partners who were enabling cryptocurrency users to enjoy a smoother payment experience and easier access to digital payments via their Visa cards for both in-person and online transactions. She added that the company was committed to driving innovation alongside its trusted partners and that the collaboration with RedotPay and StraitsX perfectly aligned with its vision of becoming the ultimate way to pay and be paid.
For Visa, the partnership with RedotPay and StraitsX is another important point in its long list of efforts to facilitate crypto-to-fiat transactions. The payment giant has earlier partnered with Transak, Blockchain.com, Wirex, Binance, Nuvei, Crypto.com, and many other fintech and Web3 players in the issuance of crypto debit cards.
