Singapore cryptocurrency developer begins retail payment trials

Local blockchain solutions provider Tembusu Systems will begin its first real-world implementation of digital currency payments in Singapore using the TRUST framework on 10th June.

The TRUST system, a proprietary platform based on the blockchain technology that drives cryptocurrencies and digital economies, makes payment using different currencies — real-world, digital or even gold and silver — possible.

The system was developed to integrate traditional currency platforms with the emerging blockchain technology that drive today’s commonly known digital currencies.

“We’re planning to try out several possible use cases with current payment systems in Singapore and the success of this trial will see the use of digital currency payment systems being extended into real-world context,” said Andras Kristof, Co-Founder and CEO of Tembusu Systems.

A demo of the platform, conducted in local uptown bar The Spiffy Dapper, which also hosted Singapore’s first Bitcoin ATM in 2014, showed how the TRUST framework could be easily implemented. The trial implementation only requires a computer or mobile device to be attached to existing POS systems, and successful integration will see businesses having a simplified, self-auditing, cashless payment system with low-running cost.

With blockchain technology keeping each transaction in check, businesses like The Spiffy Dapper can expect easier reconciliation of their accounts from their daily sales as well.

Tembusu Systems said the core of the TRUST platform is a network of payment gateways which allows consumers to pay with any currency of their choice. The platform can also accommodate establishments with loyalty rewards programs such that users can pay using accumulated loyalty points.

The company  will also be exploring human ATM applications as well; the TRUST platform allows consumers to withdraw cash through participating businesses by processing currencies from their digital wallets to the POS systems. Businesses will then be able to cash out the digital payment into cash for consumers over the counter.

“Our goal is not to replace other payment systems like NETS and credit cards, or even cheques. In fact, we are hoping the TRUST platform can be developed to integrate with these other systems, to become an organic payment integrator in time to come,” explained Jarrod Luo, Co-founder and COO of Tembusu Systems.