Tiger Global-backed HitPay, Triple-A to enable stablecoin payments

HitPay has partnered with Triple-A to enable stablecoin payments for over 20,000 businesses in Singapore.

HitPay is a Singapore-based payments platform for small and medium-sized businesses, while Triple-A provides cryptocurrency payment solutions and is also based in Singapore.

Both companies are regulated by the Monetary Authority of Singapore (MAS) as major payment institutions.

The partnership allows merchants to accept stablecoins for ecommerce and in-store transactions, with instant conversion to fiat currency.

This is aimed at reducing exposure to cryptocurrency volatility and providing compliance with local regulations.

The new feature can be activated by merchants within minutes, according to the companies.

Recent industry data cited by HitPay shows growing interest in cryptocurrency payments among Singapore businesses, with Chainalysis reporting that local merchant services received nearly US$1 billion in cryptocurrency during Q2 2024.

🔗 Source: HitPay

🧠 Food for thought

Implications, context, and why it matters.

Stablecoin uptake varies by market and near-term reach stays limited

More than 20,000 Singapore merchants on HitPay can accept stablecoins. Demand hinges on where customers live, with India at $338 billion received 1. Pakistan and Vietnam rely on crypto, often stablecoins, for remittances and freelance pay 1.
Singapore merchant services took in nearly $1 billion in crypto in Q2 2024 2. Asia-Pacific (APAC) on-chain volume reached $2.36 trillion, which refers to transactions recorded directly on public blockchains 2. Much of the activity bypasses merchant checkouts.
The announcement leaves out which stablecoins or blockchains are supported 3. It also omits fees compared with card networks at 1 to 3 percent 3. Merchants need these details to weigh PayNow, Singapore’s instant bank transfer system, or cards against a stablecoin option.

Travel and fintech platforms can win customers in crypto-heavy source markets

Asia-Pacific (APAC) monthly crypto volume tripled to $244 billion by December 2024 1. Travel agencies and booking sites can run campaigns in India, Pakistan, and Vietnam to reach crypto-native travelers who can spend at merchants across Singapore.
Digital wallets and loyalty platforms can partner with HitPay on stablecoin rewards. APAC crypto activity grew 69 percent year over year 4. USDT is Tether. USDC is USD Coin. These U.S. dollar pegged stablecoins dominate cross-border flows 2.
Teams at travel and fintech firms need country level stablecoin adoption data. They also need customer willingness to pay studies to size each market. Use those inputs to pick targets and structure partnerships.