Visa partners with dtcpay to launch Visa Infinite card, allowing conversion of cryptocurrencies to fiat currencies, to meet the growing needs of the super-rich in Singapore.
On September 18, global payment giant Visa announced a partnership with Singapore-based payment service provider dtcpay to launch the Visa Infinite card. This is a new crypto card designed specifically for the wealthy individual customer segment, allowing them to easily convert digital assets into fiat currency. The Visa Infinite card is expected to be launched in the fourth quarter of 2024.
The Visa Infinite card’s highlight is the ability to instantly convert stablecoins and other cryptocurrencies into fiat, giving users faster access to their assets. The initiative was launched to meet the growing demand for crypto payments from wealthy customers. The card will use dtcpay as its real-time currency exchange provider, ensuring liquidation and efficiency for transactions.
Potential of the Cryptocurrency Market in Singapore
Ms. Adeline Kim, Visa Country Manager for Singapore and Brunei, said that the partnership with dtcpay will help integrate digital and traditional payment systems, facilitating the growth of local consumers and businesses. She also emphasized the great potential of the Asia-Pacific region, especially Singapore, in implementing digital financial solutions. Visa is committed to continuing to expand its service portfolio for cryptocurrency users in the region.
The launch of the Visa Infinite card comes amid a surge in the cryptocurrency market in Singapore. Research shows that over 90% of high net worth individuals (HNWIs) in Singapore are interested in crypto assets, with Gen X showing the highest level of interest in the region. This shows that there is a growing demand for crypto-related financial products and services, especially from wealthy investors.
