Singaporean fintech adds Bitcoin payments for merchants with BitPay partnership

April 7, 2022 Coin Telegraph

Crypto Accept allows online sellers to accept BTC and ETH before expanding to other digital assets next year.

Nium, a cross-border payments firm based in Singapore, has announced the launch of a new API-based solution that will allow businesses to start accepting cryptocurrency payments.

As per the announcement, the newly launched product is called Crypto Accept. It allows online sellers to accept Bitcoin (BTC) and Ethereum (ETH) before expanding to other digital assets in 2023. Payments are sent to internet merchants' accounts in U.S. dollars or other fiat currencies the next business day, allowing vendors to expand their market and enhance their online payment experiences while avoiding price volatility.

Nium partnered with crypto payments processor BitPay to launch the Crypto Accept feature. Consumers will choose their preferred cryptocurrency wallet and scan a QR code to complete the transaction. The service will verify that digital currency is available and settle the transaction in the merchant's chosen currency.

According to Joaquin Ayuso de Paul, the senior vice president and head of Nium Crypto, “Consumers hold more than $3 trillion in cryptocurrency and are looking for more places to spend this money online.”

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.

Nium's latest move follows in the footsteps of other popular payments providers to accept cryptocurrency payments. As reported by Cointelegraph, PayMaya, a Philippines-based major fintech firm, recently launched a new cryptocurrency feature on its app that allows users to trade, purchase, and spend digital assets using their accounts.

PayPal-owned Venmo has a similar feature that allows users to purchase, store, and trade cryptocurrencies right on the app through a partnership with Paxos Trust Company. PayPal also began to accept Bitcoin as a means of payment for its millions of worldwide merchants last year in March.

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AMC

"The regulatory framework surrounding cryptocurrency is going to change dramatically, so we always believe in staying on the right side of the law," says Adam Aron, CEO of AMC Entertainment.

During its Q4 2021 earnings call late Tuesday, Adam Aron, CEO of iconic theatre-chain AMC Entertainment, briefed the community on the company's latest crypto adoption efforts. As told by Aron, AMC will start accepting Dogecoin (DOGE) and Shiba Inu (SHIB) "in a couple of weeks." AMC began accepting online payments for movie tickets via major cryptocurrencies last year. The company said it is also still exploring options to issue its own coin, an idea that has been in the making for quite some time as it monitors the current cryptocurrency regulatory framework.

Aron also shared his praise for the blockchain industry: "We continue to explore how else AMC can participate in the burgeoning crypto universe, and we remain quite intrigued by the potential business opportunity." Aron then added:

"AMC also picked up the capability to accept Apple Pay, Google Pay and PayPal online. Incredibly, in just a few months, these latter three forms of payment, along with cryptocurrency, already constitute more than 15% of our online ticketing activity, as was seen in the fourth quarter of 2021."

But AMC has also been making grounds in the nonfungible tokens, or NFTs, space. Since last November, the company has completed four NFT campaigns, with more than 800,000 NFTs made available to consumers. These include NFTs offered as part of ticket sales for Spider-Man, Dune and The Batman movies, and those given to shareholders as part of AMC investor connect. The company plans to roll out more NFT projects this year, both jointly with studios and on its own, citing its potential to increase attendance at AMC theatres. According to Aron, AMC's Spider-Man NFTs have sold for as high as $17,000 in secondary markets.

BitPay