Luno, the global cryptocurrency app that aims to put the power of crypto in everyone’s hands, announced on Wednesday its partnership with FIS, and will use the latter’s Worldpay Merchant Solutions capabilities to enhance its payment options. From July 27 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 on Luno, users will be able to transact using their cards and are subject to a flat 3.5 percent all-inclusive transaction fee. The transaction fee includes card merchant and Luno’s processing fees, making it one of the lowest transaction fees available in the market among the 14 companies that have received an in-principle approval (IPA) from the Monetary Authority of Singapore (MAS). Users can also make transactions on Luno’s app with peace of mind as all card transactions will require 3D Secure authentication via OTP for payment and customer funds protection.
“The addition of FIS’ Worldpay Merchant Solutions to Luno’s extended range of payment options will offer consumers another faster, easier, and 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.
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. This milestone marked Luno as the first global retail-focused cryptocurrency app in Singapore to obtain IPA from the MAS, which enables the accessibility of cryptocurrency in a well-regulated environment that safeguards the interest of consumers. This was followed by the addition of a USDC Savings Wallet and two new cryptocurrencies, Chainlink and Uniswap, to its Singapore app in June 2022.
Singapore’s Nansen launches crypto-native messaging application