We are pleased to announce that MugglePay has integrated Rupiah Token (IDRT) on its platform. Rupiah Token and MugglePay are part of ZILHive Accelerator Cohort 2020-2021. Through the ZILHive Accelerator Program, we aim to contribute to creating a robust blockchain and crypto ecosystem to boost adoption through wider use-cases.
As the most adopted fiat-backed stablecoin in Indonesia, IDRT seeks to collaborate with leading crypto exchanges, wallets, and other relevant platforms to ease users in storing, sending, receiving, and spending their IDRT. One of its competitive advantages is that IDRT embraces the strong features of different blockchain networks. As such, IDRT is now available on multiple blockchain networks namely Ethereum Chain (ERC20 Token), Binance Chain (BEP2 Token), and Luniverse chain. Throughout the ZILHive Accelerator program, IDRT also works to launch Rupiah Token on Zilliqa chain soon.
Rupiah Token (IDRT) is a stablecoin that is backed 1:1 by fiat Indonesian Rupiah. IDRT is available on multiple blockchain namely Ethereum (ERC-20), Binance Chain (BEP-2), and Luniverse chain. We are the first and most-adopted Rupiah stablecoin in Indonesia. The way Rupiah Token works, in a nutshell, is that our user can simply deposit 1 Rupiah Token for 1 fiat Rupiah and withdraw the Rupiah Token back to fiat Indonesian Rupiah at anytime via our platform (https://rupiahtoken.com/) or via mobile wallet app (https://Pintu.co.id) We can always guarantee that the Rupiah Token is backed by fiat Indonesian Rupiah in our bank account and we are regularly audited by an independent auditor to prove such collateralization.
As a payments platform powered by blockchain, MugglePay provides an SDK for merchants to accept money globally to resolve the difficulties and high costs of cross-border payments. By offering a solution that is fast, easier to use and costs less, MugglePay aims to lower the barrier of crypto payments and help more merchants accept more stable currencies on their platforms, especially government-backed currencies like XSGD. The company intends to integrate XSGD and ZIL as a payment option on MugglePay’s SDK, and will work to establish SGD/Stablecoin pairs for merchants so as to expand its Merchant Access Network to support more e-Commerce or online stores to accept cryptocurrencies. In the near future, MugglePay intends to enable peer-to-peer payments, whereby transactions will be acted on and secured by open source smart contracts built on Zilliqa’s platform.
MugglePay Currently has a user base of over 2,700 merchants using its software development kit (SDK). In 2020 MugglePay already completed over 120,000 transactions per month, with transaction volume of USD $800,000 per month and currently in Partnership with world-leading cryptocurrency exchange OKEx and stable currencies including USDT, Celo, and now Rupiah Token.
Rupiah Token x MUGGLEPAY PARTNERSHIP
Rupiah Token and MugglePay have partnered up to enable IDRT as one of its settlement methods on the MugglePay platform. Our common goal is to bring cryptocurrencies into wider real-world use cases. With such integration, other platforms which have integrated with MugglePay services would be able to offer IDRT settlement to their end-user including, but not limited to, e-commerce checkout such as in Shopify.
Here’s the demo on how end-users could transfer their Rupiah into Rupiah Token via MugglePay platform interface. First of all, an end-user needs to select the IDRT option and input the amount that the end-user desires. Then, the MugglePay platform will show the bank virtual account number where the end-user can transfer the fiat funds to. Thirdly, once the fiat funds are received in Rupiah Token’s account, we will send the IDRT to MugglePay’s platform with the exact amount and done, going from zero to crypto has never been easier before!
MugglePay has Integrated Rupiah Token(IDRT)
MugglePay enables merchants and exchanges to accept credit and debit card payments from Indonesia. In addition to accepting Visa and MasterCard credit cards, it also supports bank transfers from the two major banks Bank Mandiri and Bank Rakyat Indonesia, which can help merchants accept the Indonesian rupiah to further expand the Indonesian market.
MugglePay has integrated Rupiah Token (IDRT) on its platform. We aim to contribute to creating a robust blockchain and crypto ecosystem to boost adoption through wider use-cases.
Through settlement and clearing built on the blockchain, MugglePay ultra-low fee rate will attract users to actively use it, and shorten the settlement time by 10 times. Users can enjoy instant and low-cost payment transactions, providing instant payment at a very low-cost settlement.
Rapidly growing Indonesia: a contending place in Southeast Asia
As the market with the largest gross domestic product (933 billion U.S. dollars) and the most populous (264 million) in Southeast Asia, Indonesia’s digital economy will continue to maintain a compound growth rate of more than 30%and is expected to reach 130 billion U.S. dollars by 2025. Indonesia’s GDP ranks 16th in the world, and the Internet economy is close to 30 billion U.S. dollars. It is one of the most important Internet markets in Southeast Asia.
Indonesia has been attracting technology companies to develop or expand business in the country, and it is the core battlefield for e-commerce/games/exchanges. According to Statista data, it is estimated that by 2025, the Indonesian e-commerce market will generate 46 billion US dollars in online retail sales, second only to China and India. Besides, Indonesia is the world’s top 20 game market. As the most populous country in Southeast Asia, Indonesia is also the largest mobile game market in Southeast Asia. Players tend to be more social and interactive. Role-playing, strategy, and digital entertainment are the mainstream categories of best-selling games in Indonesia.
How to accept Rupiah Token using MugglePay:
With MugglePay, you can start accepting IDRT in just 5 minutes:
Step1. Register for MugglePay and complete the basic setup: Merchants.mugglepay.com
Step2. Open the Indonesian bank transfer and collection authority and set it on your site. We have completed the docking with as many as 8 mainstream panels, such as Shopify, WooCommerce, and WHMCS.
Step3. Add a Pay button to your site to start collecting money!
MugglePay provides an SDK for merchants to accept payments globally to overcome the high cost and slow settlement of cross-border payments, as a payment solution that is cleared by the blockchain protocol.
Rupiah Token x MUGGLEPAY PARTNERSHIP
As the most adopted fiat-backed stable coin in Indonesia, IDRT seeks to collaborate with leading crypto exchanges, wallets, and other relevant platforms to ease users in storing, sending, receiving and spending their IDRT. As such, IDRT is now available on multiple blockchain networks namely Ethereum Chain (ERC20 Token), Binance Chain (BEP2 Token), and Luniverse chain.
Rupiah Token and MugglePay have partnered up to enable IDRT as one of its settlement methods on the MugglePay platform. Our common goal is to bring cryptocurrencies into wider real-world use cases.
If you have your online store and want to expand your business globally and enjoy real-time settlement of point-to-point cross-border payment services, please contact us: [email protected]