As superapps, fintechs, and blockchain technology change the way payments are made, DCS Card Centre Pte. Ltd. is getting on board with digital asset innovation.
“The broader payment ecosystem is undergoing a rapid shift in standards, and that is very much propelled by the rise of digital banks and fintechs,” Dayna Leng, chief marketing officer at DCS Card Centre, told Asian Banking & Finance.
Leng said that the change isn’t only happening at established banks.
“They’re all coming up with super apps—proprietary wallets like ShopBack Pay, Shopee Pay, GrabPay, and BNPL (buy now, pay later) options even in nonfinance apps,” she said via video teleconference. “All of this is moving towards creating this new level of standard for financial institutions.”
DCS Card Centre, which used to be called Diners Club Singapore, now offers more than just credit and charge cards. It now offers payment solutions and, more recently, Web3 services.
The business came up with a DCS Card last year that enables people to change stablecoins into Singapore dollars right away. This implies that buyers may use their digital assets right away, while merchants will still be paid in real money.
“For Web3 community [members] who really want to have cash on hand from the stablecoins that they owned, they can do that through a physical card,” Leng said. “They can withdraw from the ATM.”
She noted that the payment landscape is now more fluid than ever since digital technologies make it hard to tell the difference between conventional banking and decentralised solutions.
“We have gone from debit to credit to mobile to digital, from operating within the traditional finance ecosystem to dual real payments across both [traditional finance] and Web3 economies,” Leng said.
Programmable tokens are part of this change. These are smart contracts that automatically make payments when specific criteria are satisfied. Banks including JPMorgan Chase & Co. and DBS Bank Ltd. are looking at this, and Leng thinks it’s a step towards better integration of systems.
“All in all, the interoperability between economies will continue to grow,” she said. “Consumers can expect better transaction speed and more optimal cost.”
But as digital payments become more common, there has to be robust rules.
“Everything needs to be regulated first,” Leng said, She added that the digital payment landscape will evolve, but institutions should ensure it stays responsible.
DCS Card Centre is getting into Web3 to keep up to date as the payment system evolves quickly. Leng thinks that digital and decentralised technologies will keep transforming how money flows since people expect payments to be quick and easy.
DCS is getting into Web3 as part of its plan to remain relevant in a world that is changing quickly. Leng believes that digital and decentralised solutions will keep changing how money flows since people want payments to happen in real time and without borders.