Shifting Paradigms: AXS Dives into Crypto Payments

Singapore's AXS takes a leap into the future by partnering with Triple-A, a crypto payment firm, to enable users to settle bills, fines, taxes, and student fees using digital currencies. This collaboration introduces a fresh payment avenue, enhancing the market's diversity.

A Multitude of Choices: Cryptocurrency Payment Expansion

AXS and Triple-A's collaboration opens doors for users to leverage four digital currencies—Bitcoin, Ether, Tether, and USD Coin—across 550 of AXS's 600 payment services. This excludes credit cards and bank loans-related transactions, providing flexibility for various bill payments, such as road taxes and enrichment class fees.

Seamless Transactions: The Crypto Payment Process

When opting for crypto payments on AXS's mobile app, users initiate transactions that flow through Triple-A as a gateway. For example, paying a town council bill in Bitcoin results in Triple-A converting the bitcoins to Singapore dollars, crediting the sum into AXS's bank account within one business day.

Mobile-First Approach: Current Availability and Future Expansion

As of now, the crypto payment option is exclusive to AXS's mobile app. However, the plan is to extend this service to all 650 AXS machines islandwide and the AXS website by the second quarter of 2024. This move aligns with AXS's commitment to evolving user preferences.

Strategic Collaborations: AXS and Triple-A's Vision

AXS, with major stakeholders like DBS Bank and Tower Capital Asia, boasts a monthly active user base of 650,000. Chin Mun Chung, CEO of AXS Services, emphasises that this collaboration caters to the diverse preferences of their user base, positioning AXS as a forward-thinking player in the payments sector.

Beyond Boundaries: Triple-A's Impact

Triple-A's prior collaborations with iStudio, Farfetch, Charles and Keith, the Singapore Red Cross, Reap, and AsiaPay showcase its influence in the crypto payments realm. Eric Barbier, Triple-A's CEO, highlights that this partnership not only offers users added convenience but also benefits AXS through reduced processing times and fees.

Eric Barbier serves as the founder and CEO of Triple-A, a cryptocurrency payment firm. (Source: The Straits Times)

Future Prospects: Expanding Crypto Payment Horizons

Looking ahead, the ambitious plan is to extend crypto payments beyond the mobile app, reflecting AXS and Triple-A's commitment to providing users with novel choices. As the collaboration progresses, it is poised to shape the landscape of bill payments, introducing a seamless blend of traditional and crypto options.

Revolutionising Payments Through Collaboration

In the ever-evolving landscape of digital payments, AXS and Triple-A's collaboration stands as a testament to adaptability and innovation. By embracing cryptocurrency, AXS not only meets the changing preferences of its users but also positions itself for increased efficiency and reduced operational costs—a promising trajectory for the future of payments.