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Ipaymy partners with TripleA to enable customers to pay their bills with cryptocurrencies

Source: ipaymy

Singapore-based expense payment platform, ipaymy, has announced a new partnership with TripleA, a crypto payment gateway licensed by the Monetary Authority of Singapore (MAS).

This partnership will enable ipaymy’s customers in Singapore to pay their rent, invoices, taxes, and employee salaries with cryptocurrencies, even if their recipient doesn’t accept crypto. This represents a groundbreaking step forward in the adoption of cryptocurrency commercially.

With TripleA’s white label crypto solution, ipaymy provides a streamlined end-to-end payment experience, in which a user funds a payment through any crypto wallet and the recipient receives the payment directly into their bank account in fiat currency. This is a game changing solution on how businesses and individuals can pay their largest expenses with popular cryptocurrencies such as Bitcoin, Ethereum and Tether.

With 420 million crypto owners globally, there is increasing demand to pay for goods and services in crypto. We already see examples of retailers accepting crypto payments for a huge range of goods and services, from coffee to designer bags. ipaymy recently conducted a survey among thousands of users, which found that 64% of respondents currently hold crypto and 35% of them were interested in being able to pay their expenses with crypto. The challenge and opportunity now lies in further enabling merchant acceptance.

If a supplier, employee or landlord doesn’t accept crypto, a business or individual typically needs to go through the lengthy off-ramping process through a centralised exchange. This can involve a combination of spread, transaction and bank fees and an uncertainty as to when the funds will arrive in their designated bank account. Under this approach, funds cannot be sent directly to the intended end recipient. When the settlement time ranges from a couple hours to several days, not only can this be prohibitively slow, but it becomes a roadback to crypto utility as the intention to ‘pay’ needs to be planned far in advance.

By partnering with TripleA, ipaymy’s crypto payment solution provides users with a single, cost effective and reliable transaction, with the funds always settled to the recipient the next business day. For each transaction, payment advice is provided to the user for ease of reconciliation and to substantiate sensitive payments such as employee salaries and corporate taxes. ipaymy launched their crypto payments with an introductory flat rate of only 0.80% per transaction, which can be over half the cost of leading alternative methods.

“Our solution is a true industry-first in the global payments landscape, and it perfectly aligns with ipaymy’s core mission of empowering business and individuals with the freedom and flexibility to choose how to pay their expenses. This allows them to take full advantage of the unique benefits that come with various payment methods,” said Catherine Szulyk, COO of ipaymy. “Through our partnership with TripleA, we’re excited to provide a secure and simplified method for conducting end-to-end transactions between crypto and fiat currency, eliminating a key barrier for the growing population that wants to transact in digital currencies.”

“We are excited to partner with ipaymy and offer their customers a new way to make everyday payments with cryptocurrencies,” said Eric Barbier, CEO of TripleA. “Our white label crypto payment solution enables our partners to reap the benefits of accepting crypto payments, without managing crypto on their balance sheets. This makes it an ideal solution for businesses looking to offer cryptocurrency payments volatility-free.”

ipaymy plans to introduce BTC, ETH, USDT and USDC payment options to their cross-border payment services and their AI-driven invoicing and accounts receivable solution, Fetch. Through Fetch, businesses can meet the growing demand to accept crypto payments without ever having to hold crypto, providing them with a ‘hands-off’ approach in addressing their clients’ payment preferences.

ipaymy is committed to expanding their cryptocurrency payment capabilities beyond Singapore, and plans to introduce this payment solution in the other markets they currently operate in including Hong Kong, Australia, and Malaysia.

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