Ryde Singapore Navigation has announced the launch of its own encrypted wallet, which will facilitate Bitcoin (BTC) payments for its services.
In a June 17 post by Cointelegraph, Ryde claims to be the first embedded application to integrate Bitcoin payments into the ecosystem. The company's customers will be able to use Bitcoin to pay for their flights from June 22.
You want to track other digital currencies.
Ryde RydePay wallet will allow users to convert bitcoins to Ryde coins to increase balance and pay for the trips. The conversion is done at market prices, no fees and Ryde currencies are currently linked to the Singapore dollar.
Deposits in bitcoins will be fixed in the portfolio with a maximum value of US $ 999 (US $ 715). In the future, the company plans to add support for additional cryptocurrencies. The company's founder and CEO Terence Zaw said:
“COVID-19 has accelerated the transition to digital payments, and Ryde is going to change cryptocurrency in Singapore. […] Since consumers are used to paying for the welcome services for flights through Bitcoin, we assume that this will be a catalyst that stimulates the approval of the collective currency. ”Coded here. ”
Encryption as a payment method for a transfer
Cryptocurrency is often offered as a more efficient and digital alternative to digital cash payment systems such as credit cards. Although we are still in the early stages of implementing encryption in daily transactions, we have some examples of using digital currency to pay for transportation costs.
In July 2019, for example, the main Brazilian city of Fortaleza announced that it would start accepting bitcoins as a way to pay for bus tickets. In 2016, Italian taxis also began taking Bitcoin for horseback riding.