Ryde, Singapore based carpooling app, has rolled out a cryptocurrency wallet which will simplify Bitcoin (BTC) payments for its service.
Ryde asserts that it is first ride-hailing app to facilitate Bitcoin payments in its ecosystem. The company’s customers will be able to utilize Bitcoin to settle their rides from June 22 onwards.
RydePay, which refers to Ryde’s wallet, will facilitate its users to exchange Bitcoin into Ryde coins to replenish their balance and settle the rides.
The exchange takes place at market rates, without any fees, and Ryde coins are presently pegged to SGD (Singapore dollar).
Up to S$999 (~$710) worth Bitcoin will be allowed to deposit in the wallet. Additionally, the company intends to back other cryptos in the future. The company’s founder and CEO Terence Zou said:
“COVID-19 has accelerated the shift towards digital payments and Ryde is set to be a game-changer for cryptocurrency adoption in Singapore. […] As consumers get used to paying for ride-hailing services through Bitcoin, we envisage that this will be a catalyst that spurs the mass adoption of cryptocurrencies here.”
Cryptos are usually considered as highly efficient and better digital substitute to digitized fiat currency payment systems, for instance, credit cards.
Even though we are in the budding stage of mass crypto adoption for every day dealings, we have some illustrations of cryptos being utilized as mode of payment for transportation.
For illustration, last July, Fortaleza, top Brazilian city, stated that it would begin accepting Bitcoin as a mode of payment for bus tickets. Four years back, Italian taxi service started accepting Bitcoin as payment for rides.