Singapore – In a significant stride toward mainstream adoption of digital assets in Singapore, the country’s largest Apple product reseller, iStudio, has partnered with Triple-A, a crypto payment gateway. This collaboration now enables customers to conduct transactions using cryptocurrencies at select iStudio outlets across the city-state.
The rollout of this innovative payment method will kick off at various strategic locations in Singapore, including Jurong Point, Tampines Mall, Changi Airport Terminal 3, Paragon, and NEX.
For iStudio, the integration of Triple-A’s crypto payment options serves as a strategic move to cater to the growing segment of tech-savvy customers. The benefits highlighted by the retailer include lower transaction fees compared to traditional methods and the added security of eliminating chargeback fraud risk. Chargeback fraud typically occurs when a customer disputes a legitimate credit card transaction, leading to a refund request.
Jeremy Lin, Head of Marketing at iStudio, revealed that the retailer has been closely monitoring the evolution of crypto payments. He underscored the appeal of Triple-A’s instant conversion to fiat and next-day bank settlement, effectively shielding iStudio from the volatility commonly associated with cryptocurrency prices. Furthermore, customers have the flexibility to use their preferred crypto wallets, simplifying the payment process.
Founded in 2017 by CEO Eric Barbier, Triple-A secured a digital payment token license from the Monetary Authority of Singapore in November 2021, positioning itself as an early player in Singapore’s evolving digital payment landscape.
Industry experts, including David Tng, Managing Director of blockchain start-up accelerator TZ Apac, view the growing acceptance of crypto payments by mainstream entities as a promising trend. Tng sees partnerships like iStudio and Triple-A as indicative of crypto payments becoming more user-friendly and accessible to a broader audience. He also points to the increasing use of mainstream payment methods for blockchain transactions, such as the use of Apple Pay for purchasing artworks on non-fungible token (NFT) marketplaces.
Tng envisions a symbiotic relationship between mainstream adoption and startup innovation within the blockchain realm, ultimately contributing to the maturation of the financial sector. Singapore, he believes, is well-positioned to establish itself as a global leader in this decentralized frontier.
Recent reports also suggest that Microsoft is planning to incorporate a crypto wallet into the next generation of its Xbox, further accelerating the momentum of mainstream companies embracing cryptocurrencies. Another noteworthy development in the region involves Circle Internet Financial partnering with ride-hailing operator Grab to test a Web3 blockchain-based wallet in a pilot program, reaffirming the growing influence of digital currencies in everyday transactions.