Tencent-backed fintech firm Primer, has on Wednesday announced its strategic partnership with Banxa, a crypto infrastructure provider based in Australia, to boost crypto adoption via payments.

The duo said in a statement that the collaboration with Primer enables Banxa to consolidate payments services to gain unique insights while testing and optimizing performance.

It is noted that Banxa dominates the global market share in fiat-to-crypto on and off ramp solutions, supporting centralized and decentralized exchanges like Trust Wallet, Metamask and Bitcoin.com to drive participation in the crypto and web3 ecosystem.

Leveraging Primer’s infrastructure, Banxa has access to new and backup payment services worldwide, introducing resiliency for recovering failed payments.

According to the statement, the duo will continue to explore collaboration opportunities aimed at transforming global commerce, unlocking the full potential of digital assets to deliver enhanced value for businesses.

“The results have been immediate and overwhelmingly positive, and our customers have taken notice as well,” Banxa’s Head of Payments Greg Rikkhachai said.

“We can see the value this partnership is delivering through higher authorization rates, a wider choice of payment methods and the ability to optimize the cost of managing payments,

“Collaborating with Primer provides us with a comprehensive solution, flexibility for customization, and room for innovation,” he said.

The announcement was made at Money20/20 Asia, held this year in Bangkok, Thailand, the heart of Southeast Asia, a region which has emerged as a global powerhouse in cryptocurrency adoption.

Cited the 2023 Global Crypto Adoption Index, the statement noted that Southeast Asia has the highest rate of cryptocurrency adoption globally with countries like Singapore, Malaysia, Thailand, Indonesia, the Philippines, and Vietnam experiencing a significant increase in cryptocurrency use and acceptance in recent years.

“In recent years, Asia Pacific has emerged as a dynamic hub for crypto and Web3 adoption,” said Kailash Madan, Head of Global Sales at Primer.

“Banxa’s infrastructure has been a critical enabler of this growth, and we are honored they have chosen to partner with Primer to further enhance accessibility to crypto payments in the region,

“We’re excited to innovate and contribute to a seamless and hyper-digital commerce landscape together,” he added.

Banxa is an infrastructure provider for enabling embedded crypto.

The firm helps businesses provide integration of crypto and fiat for global users with lower fees and higher conversion rates.

Primer is the unified infrastructure for global payments and commerce.

Operating in over 35 countries, the firm serves category leaders in retail and ecommerce, travel and mobility, ticketing, and fintech.

It has raised over $94 million, backed by the likes of Tencent, Iconiq, Accel, Balderton, and RTP Global.

Tencent-backed Primer on track to hit 200 percent year-on-year revenue growth