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RedotPay has formed a strategic collaboration with Visa and StraitsX to launch a crypto credit card in Singapore.
By leveraging RedotPay’s advanced technology and Visa’s extensive global payment network, the partnership aims to bridge the gap between digital assets and traditional financial systems.
StraitsX will serve as BIN sponsor, which facilitates the fintech company's access to the card network, allowing them to issue cards. Jason Tay, head of commercial at StraitsX explained, “As the BIN sponsor, StraitsX is dedicated to powering this initiative, which will transform how consumers interact with cryptocurrencies in the retail space."
"By combining our technology with Visa's vast network, we are making it easier than ever for users to seamlessly integrate digital assets into their everyday spending.”
RedotPay's proprietary real-time conversion technology enables the instant transformation of crypto holdings into fiat currency at the point of sale, making crypto payments as convenient as using traditional debit or credit cards. This eliminates the complexity of manually converting digital assets and ensures that users can transact smoothly without additional steps or delays.
RedotPay has also integrated robust security measures to protect user data and funds, fostering trust in cryptocurrency payments.
"We are thrilled to partner with Visa and StraitsX to bring this innovative card program to Singapore," said Michael, CEO of RedotPay. "This collaboration marks a significant step forward in our mission to make crypto payments accessible and user-friendly, promoting the mass adoption of cryptocurrencies in payment systems. Our users will enjoy the flexibility of spending their digital assets just like traditional currency."
Adeline Kim, Visa country manager for Singapore and Brunei, highlighted that more than 35% of cryptocurrency owners in Singapore use their crypto for research purchases.
"We are happy to support our partners who are helping more cryptocurrency users have a more seamless payment experience and access to digital payments leveraging on their Visa cards for face-to-face or online transactions," Kim said. "Visa is committed towards promoting innovation with our valued partners and this initiative with RedotPay and StraitsX aligns with our vision to become the best way to pay and be paid."
The RedotPay card programme was soft-launched in late 2024, through which users can manage their crypto assets and track transactions, making everyday spending with digital assets as straightforward as using traditional payment methods.
Last October, the Avalanche Foundation introduced a new cryptocurrency card with Visa, which allows users to spend their crypto seamlessly at payment points.
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