AsiaPay & BLOX team to offer Crypto-as-a-Payment service in Malaysia
By Gloria Mathias
AsiaPay, a provider of digital payment solutions in the Asia Pacific, has entered into a MoU with BLOX, an emerging Malaysian Web 3.0 company, to jointly explore and develop cryptocurrency digital payment solutions for the Malaysian market.
With consumers increasingly opting for new payment methods that are simple yet secure, cryptocurrencies are rapidly becoming popular across the globe. Businesses are under pressure to adapt to this change and enable more options at the point of purchase, but these businesses, for the most part, need the support of their payment service providers.
A cryptocurrency payment service provider would act as an intermediary between the payer and the receiver for processing the cryptocurrency payments, allowing merchants to accept payments in cryptocurrencies both online and at physical locations. The service provider takes care of the complex backend workflow of crypto payments and offers buyers and sellers a seamless payment service.
However, volatility in cryptocurrency prices (i.e., Bitcoin or Ethereum) is a major pain point for such adoption, as merchants would have to have fluctuating prices that update in real-time.
Volatility in cryptocurrency prices has led to the emergence of stablecoins that are usually pegged to a widely accepted fiat currency. The use of stablecoins has gained traction, especially in the business-to-business (B2B) segment, where the efficiency of blockchain-based payments and instant settlement can be delivered while managing volatility.
Loo Tak Kheong, Country Head, Director at AsiaPay Malaysia, said, “At AsiaPay, we provide payment acceptance solutions with multi-currency, multi-lingual, multi-card, and multi-channeled payment capabilities, which we believe, by adding payment methods via crypto, will further enhance the value-add service to our merchants and partners in the payments ecosystem.”
Commenting on the MOU signing, Ethan Chung, CEO and Co-Founder of BLOX said, “I’m excited to announce our partnership with AsiaPay, enabling Malaysian merchants to effortlessly accept crypto payments without the need for technical expertise. Empowering businesses, simplifying transactions.”
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