Singaporean carpooling app Ryde announced the launch of its own cryptocurrency wallet that will facilitate Bitcoin (BTC) payments for its services.
In an announcement shared with Cointelegraph on June 17th, Ryde claimed to be an app ride hailing the first and only one to incorporate Bitcoin wallet payments into its ecosystem. The company’s customers will be able to use Bitcoin to pay for their trips starting June 22.
Other cryptocurrencies will follow
Ryde Wallet, RydePay, will allow its users to convert Bitcoin into Ryde coins to top up their balance and pay for their travel expenses. Conversion occurs at market price, no fees and Ryde coins are currently pegged to Singapore dollars.
Bitcoin deposits into the wallet will be limited to a maximum value of 999 Singapore dollars ($715). Additionally, the company plans to add support for cryptocurrencies in the future. Firm Founder and CEO Terence Zou said:
“COVID-19 has accelerated the shift towards digital payments and Ryde will be a game-changer for cryptocurrency adoption in Singapore. […] When consumers are used to paying for services ride hailing through Bitcoin, we envision that this will be the catalyst that spurs mass adoption of cryptocurrencies here. “
Crypto as a means of payment for transportation
Cryptocurrencies are often proposed as a more efficient and digitally native alternative to digital paper money payment systems such as credit cards. While we are still in the early days of crypto adoption in daily transactions. We have several examples of cryptocurrencies being used to pay for transportation.
For example, in July 2022 the large Brazilian city of Fortaleza announced that it would start accepting Bitcoin as a means of payment for bus tickets. In 2016, Italian taxis also started accepting Bitcoin for travel.