Singapore’s Ryde application for carpooling has announced the launch of its own cryptocurrency portfolio.
What is Ryde?
Ryde is a Singaporean platform that allows users to book a trip to any destination and encourages them to travel together. After sending a request to RydeApp drivers, other users can join the trip and make it more enjoyable.
Behind carpooling from Ryde, a public transport system, there are many advantages such as reducing the number of cars on the roads, thus reducing carbon dioxide emissions into the atmosphere, meeting new people of interest and sharing the cost of travel.
The company has announced the launch of its own crypto portfolio, which will enable payment by Bitcoins for services and in the future also by other cryptocurrencies. In an announcement on 17 June Ryde claims to be the first and only application in the industry to introduce BTC payments into its ecosystem. Customers will be able to pay with Bitcoins from 22 June.
The RydePay crypto wallet allows you to convert your Bitcoins to Ryde tokens to replenish your account balance to pay for rides. The conversion shall be made at market rates without any additional charge and tokens shall be linked to the Singaporean dollar.
An account on RydePay will be able to hold a maximum of 999 Singaporean dollars to protect users of the platform from theft or use of their applications after, for example, losing their phone. The company plans to handle more cryptocurrencies in the future.
Company founder Terence Zou said that the coronavirus pandemic has significantly accelerated the transition to digital payments, and Ryde will be the first to change the rules for accepting a cryptos in Singapore. The company predicts that their business will be a catalyst for the mass adoption of cryptocurrency in China, as consumers call for services through Bitcoin.
Crypto payments for transport
Cryptos are proposed as a more efficient and digital alternative to traditional cash payments. Despite the fact that we are only at the beginning of the adaptation of the crypto in everyday transactions, we already have some examples where the crypto is used to pay for transport like the Brazilian city of Fortaleza, which accepts BTC as a means of payment for bus tickets or Italian taxis accepting Bitcoins for travel.