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A Singapore ridesharing app launches her wallet to make BTC payments

June 18, 2020

Singapore’s ridesharing app Ryde announced the launch of its own cryptocurrency wallet that will make Bitcoin (BTC) payments easier for its service.

In a joint announcement to Cointelegraph on June 17th Ryde claims to be the first and only transportation app to integrate Bitcoin payments into its ecosystem. The company’s customers can use Bitcoin to pay for their trips starting June 22.

More cryptocurrencies will be added soon

Ryde’s wallet, RydePay, It will allow its users to convert Bitcoin to Ryde currencies to top up their balances and pay for their trips. The conversion is done at market rates without commission, and Ryde currencies are currently pegged to the Singapore dollar.

A Singapore ridesharing app launches her wallet to make BTC paymentsA Singapore ridesharing app launches her wallet to make BTC payments

Bitcoin deposits in this wallet are limited to a maximum of $ 999 ($ ​​715) in Singapore. The company also plans to add more cryptocurrencies in the future. The company’s founder and CEO, Terence Zou, said:

“The COVID-19 has accelerated the transition to digital payments and Ryde will change the game for the introduction of cryptocurrencies in Singapore. […] As consumers get used to paying for Bitcoin transportation services, we expect this to be a catalyst that will stimulate the massive adoption of cryptocurrencies here. “

Cryptocurrencies as a means of payment for transportation

Cryptocurrencies are often proposed as a more intuitive and efficient digital alternative to digitized fiat money payment systems such as credit cards. While we are still in the early days of introducing cryptocurrencies for daily transactions, we have some examples of cryptocurrencies used for transportation payments.

For example in July 2019, The Brazilian city of Fortaleza announced that it would accept Bitcoin as a form of payment for bus tickets. In 2016, Italian taxis also accepted Bitcoin to pay for their services.