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Standard Chartered collaborates with Dcard to enable stablecoin card payments.
The DCS Card Center has decades of experience in card issuance for the launch of the Web3 platform.
Standard Chartered has established itself as a key banking partner with the Dcard, a newly issued credit card that enables customers to use stablecoins for their everyday purchases. This partnership with the DCS Card Center represents a significant achievement in making digital assets available through traditional payment networks for consumers in the global marketplace.
Connecting digital finance to traditional finance
The DeCard card will be launched in Singapore before its launch in other major markets around the world in the coming months. Singapore has a rich history of supporting innovation in digital payment technology.
The main goal of DeCard is to simplify stablecoin payments so that their utility is similar to that of debit/credit cards when consumers spend at active merchants. DeCard transcends the peaks or troughs of cryptocurrency prices, as well as the complexity of the conversion process, when shopping at participating merchants around the world.
Standard Chartered Bank will provide virtual account services and connect the API to the DCS system to process all payments and settlements. This technology will enable all transactions to be conducted instantly, provide clearer visibility for each transaction, and ensure trust among all parties involved in each purchase made through the DeCard payment system.
According to Deraj Bajaj, Head of Global Financial Institution Sales at Standard Chartered, the bank has a prestigious position in this field. The bank's investments in platforms enable it to be an effective and reliable intermediary between traditional finance and decentralized financial systems.
The DCS Card Center benefits from over fifty years of experience in card issuance in this partnership, having evolved from its beginnings as 'Diners Club Singapore.' The company has transformed into a next-generation global payment provider focused on delivering secure solutions that comply with web 3 standards.
This collaboration highlights the growing confidence of institutions in stablecoin technology as a legitimate payment option for common commercial transactions, rather than speculation. By leveraging Standard Chartered's established banking framework, DeCard aims to help consumers access digital asset spending options using payment methods that are familiar and convenient for them.
This initiative embodies public sector patterns in providing blockchain-based payment solutions within existing financial networks, aiming to create faster and more efficient payment mechanisms around the world.$BNB
