Luno’s Singapore Users Can Now Buy Crypto Using Debit or Credit Cardsby Fintech News Singapore July 27, 2022
Global cryptocurrency company Luno announced its partnership with payments provider FIS for its Worldpay Merchant Solutions capabilities to enhance payment options on its app.
From today onwards, Singapore customers will be able to purchase cryptocurrencies instantly using their credit or debit cards without depositing funds, providing an alternative to the current bank deposit and StraitsX payment offerings.
With the Worldpay from FIS solution, users will be able to transact using their cards and are subject to a flat 3.5% transaction fee that includes card merchant and Luno’s processing fee.
All card transactions on the Luno app will require 3D Secure authentication via OTP for payment and customer funds protection.
In April 2022, Luno Singapore was granted IPA from the MAS, under the Payment Services Act (PSA) to provide digital payment token (DPT) services in Singapore.
Luno then announced the addition of a USDC Savings Wallet and two new cryptocurrencies, Chainlink and Uniswap, to its Singapore app in June 2022.
“The addition of FIS’ Worldpay Merchant Solutions to Luno’s extended range of payment options will offer consumers another faster, easier and a more familiar way to get started with cryptocurrency.
This is in line with our mission to make cryptocurrency accessible to all in a safe and secure manner, and puts Luno at the forefront against competitors in Singapore with existing card payment options”,
said Sherry Goh, Global Expansion Manager and Country Manager for Singapore, Luno.
“Southeast Asia is a rapidly growing region for cryptocurrency adoption and we’re excited to partner with Luno to make digital assets more accessible in the key markets of Singapore and Malaysia, along with powering local payments for Luno’s broader global expansion plans,”
said Nabil Manji, Head of Worldpay’s Crypto and Web3 team at FIS.