BigPay, a Southeast Asian financial technology company, has selected Singapore-based TripleA as the cryptocurrency payment gateway for its latest feature – Crypto top-up – making its foray into the asset space digital.
Under the Payment Services Act 2019, the fintech arm of Asia’s leading low-cost airline, AirAsia, is licensed as an MPI to engage in cross-border money transfer service business, as well as an account issuance service, national money transfer and e-currency issuance service.
TripleA facilitates acceptance of cryptocurrencies by monitoring, validating and confirming customer transactions on each blockchain. On the merchant side, TripleA enables customers to pay in cryptocurrency with easy setup, instant confirmation, locked exchange rate, real-time fiat conversion, and a crypto payment solution with no chargebacks. As such, it removes volatility risk by converting crypto into local currency in real time.
TripleA’s offering meets the needs of many businesses, including e-commerce merchants, retailers, game providers, PSPs, fintechs, marketplaces and technology companies. The company is licensed by MAS, the Monetary Authority of Singapore, allowing partners to operate in a compliant and regulated environment
The collaboration allows BigPay Merchants accept crypto payments in Bitcoin (BTC), Ethereum (ETH), USD Coin (USDC), and Tether (USDT), with plans to expand accepted currencies in the near future. This will allow challenger bank users to send and receive crypto payments globally without incurring special processing fees.
“We believe in a regulated financial system that makes the most of crypto and traditional finance – to increase efficiency and end-user value. We want to enable users to interact with digital assets in a safe and secure manner and facilitate global interoperability,” said BigPay CEO and co-founder Salim Dhanani.
“With over 300 million crypto owners worldwide, TripleA is pleased to work with BigPay to meet the demand for crypto top-ups. With the addition of this new payment method, we are also excited to continue to offer accessible and seamless digital financial services to BigPay customers,” said Eric Barbier, CEO of TripleA.
TripleA offers a seamless way to hold and transfer fiat funds, convert between fiat and crypto as well as manage compliance, all within its simple to integrate API. The alliance with Binance highlights the current hype around crypto payments and relevant DeFi applications, as well as the potential of platforms that can enable their greater adoption.
TripleA’s founders see this field evolving rapidly, and so they are stepping in to integrate payment infrastructure into existing systems. This is similar to what PayPal and other payment providers have done for the e-commerce space.