Singapore’s travel sharing application, Ryde, announced the launch of its own crypto wallet that will facilitate payments at Bitcoin (BTC) for its service.
In a shared announcement to Cointelegraph on June 17, Ryde claims to be the first and only transportation application to incorporate Bitcoin payments into its ecosystem. The company’s customers will be able to use Bitcoin to pay for their trips starting June 22.
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The Ryde wallet, RydePay, will allow users to convert Bitcoin into Ryde currencies to recharge their balance and pay for their trips. The conversion occurs at market rates, with no commissions and Ryde currencies are currently pegged to the Singapore dollar.
Bitcoin’s deposits in this wallet will be limited to a maximum value of 999 Singapore dollars ($715), and the company plans to add more crypto-currencies in the future. The company’s founder and CEO, Terence Zou, said
“He COVID-19 has accelerated the transition to digital payments and Ryde will change the game for the adoption of crypto currencies in Singapore. …] As consumers become accustomed to paying for transportation services through Bitcoin, we anticipate that this will be a catalyst to stimulate the mass adoption of cryptomonies here.
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Crypto-currencies as a means of payment for transport
Cryptomoney is often proposed as a more intuitive and efficient digital alternative to digitized cash payment systems such as credit cards. While we are still in the early days of the adoption of crypto currencies for everyday transactions, we have some examples of crypto currencies being used for transport payments.
For example, in July 2019, the Brazilian city of Fortaleza announced that it would begin accepting Bitcoin as a means of payment for bus tickets. In 2016, Italian taxis also began accepting Bitcoin for payment of their services.