Breaking Barriers: Singapore's Largest Apple Reseller Embraces Cryptocurrency Payments, Paving the Way for Mainstream Adoption

Singapore's largest Apple products reseller, iStudio, has entered into a partnership with Triple-A, a crypto payment gateway, marking it a significant move of digital asset players into the mainstream market in the country. This collaboration allows customers to make payments using cryptocurrencies at selected iStudio stores.

The rollout will commence at various locations in Singapore, including Jurong Point, Tampines Mall, Changi Airport Terminal 3, Paragon, and NEX.

The integration of Triple-A's crypto payment options is seen as a strategic move by iStudio to tap into the growing segment of tech-savvy customers. The retailer highlights the advantages of crypto payments, citing lower transaction fees compared to conventional methods and the elimination of the risk of chargeback fraud. Chargeback fraud occurs when a customer disputes a legitimate credit card purchase and requests a return of funds.

Jeremy Lin, Head of Marketing at iStudio, reveals that the retailer has been monitoring crypto payments for some time. He emphasizes the benefits of Triple-A's instant conversion to fiat and next-day bank settlement, which shields iStudio from the volatility of cryptocurrency prices. Additionally, customers can use their preferred crypto wallets, adding to the user-friendliness of the payment process.

Triple-A, founded in 2017 by CEO Eric Barbier, received a digital payment token license from the Monetary Authority of Singapore in November 2021, positioning itself as an early player in the evolving digital payment landscape.

Industry experts, including David Tng, Managing Director of blockchain start-up accelerator TZ Apac, view the growing adoption of crypto payments by mainstream entities as a promising trend. Tng sees partnerships like iStudio and Triple-A as indicative of crypto payments becoming more user-friendly and accessible to a broader audience. He also notes the increasing acceptance of mainstream payment methods for blockchain transactions, citing examples such as using Apple Pay to purchase artworks on non-fungible token (NFT) marketplaces.

Tng believes that the synergy between mainstream adoption and startup innovation in the blockchain realm is poised to contribute to the maturation of the financial sector. He envisions Singapore establishing itself as a global leader in this decentralized frontier.

Recent reports also suggest that Microsoft is planning to incorporate a crypto wallet into the next generation of its Xbox, adding to the momentum of mainstream companies embracing cryptocurrencies. Another development in the region involved Circle Internet Financial partnering with ride-hailing operator Grab to test a Web3, blockchain-based wallet in a pilot program.