AXS Singapore to Accept Bitcoin and Other Crypto Assets for Payments
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AXS Singapore to Accept Bitcoin and Other Crypto Assets for Payments

  • AXS in collaboration with Triple-A is set to accept Bitcoin and other crypto assets as payment options.

In a groundbreaking move, Singapore’s leading payment solution provider AXS has joined forces with Triple-A, a global digital currency payments institution, to introduce crypto as a payment option for bill settlements.

According to The Straits Times report on January 23, 2024, the collaboration aims to offer AXS users enhanced payment flexibility and convenience through digital assets such as Bitcoin (BTC) and Ethereum (Ether).

AXS Embrace Stablecoins For Payments

In addition to BTC and Ether, the payment company has added support for the world’s largest stablecoin, Tether (USDT), as well as Circle USD Coin (USDC).

Users can use any of the available digital assets for bill payments, fine settlements, and prepaid telecom card top-ups.

The company, renowned for its Electronic Service Delivery Network (ESDN), boasts a widespread network, including over 650 AXS Stations across Singapore, its online platform AXS e-Station, and the mobile app AXS m-Station.

AXS said the option for crypto payments will be limited to 550 of the 650 AXS payment services in Singapore. 

Furthermore, the company said users can only use its mobile application, AXS m-Station, for transactions now.

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However, the payment solution provider said it would expand the services to all its 650 payment channels, including its website, during the second quarter (Q2) of this year.

Triple-A to Power Crypto Payments For AXS

AXS said its new partner, Triple-A, will facilitate the crypto transactions. The company has been a distinguished player in blockchain-related payments since 2017.

When a user makes a payment using any of the available cryptocurrencies, the assets go to Triple-A, which then immediately converts it to Singapore’s local fiat currency before crediting the sum to AXS. AXS said this process will take one business day to be completed.

The Singapore-based payments firm plans to leverage Triple-A’s business expertise to ensure the success of the new endeavor. 

Triple-A has been in business since 2017 and their solutions have empowered global businesses by improving cross-border payments, optimizing treasury management, and reducing costs, ultimately boosting revenues.

Both AXS and Triple-A emphasize the importance of a secure and user-friendly payment experience while adhering to regulatory compliance standards.

Triple-A And Its Other Business Partners

As one of the leading crypto-focused payment institutions, Triple-A has secured licenses from different financial regulators to operate legally in various countries.

The company is licensed by the Monetary Authority of Singapore (MAS) and trusted by over 20,000 businesses worldwide.

The firm also obtained European licenses from the French Prudential Supervision and Resolution Authority (ACPR). Similarly, Triple-A is also registered with the United States Financial Crime Enforcement Network (FinCEN).

So far, the company has forged successful partnerships with other payment firms. 

Earlier this month, Paycorp collaborated with Triple-A, enabling users of the Paycorp-powered CryptoExpress app to withdraw digital currencies from ATMs across South Africa.

Last month, another firm, STX Corporation, partnered with Triple-A to introduce digital currency payments on its B2B trading platform, TROLLYGO. 

The company said its partnership with Triple-A aims to promote advancements in payment methods for international trade.

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Triple-A has also teamed up with Zodia Markets, a unit of the UK-based bank, Standard Chartered to drive innovation in the financial sector. 

The company serves as both a crypto exchange and brokerage platform.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.