Fintech start-up Crypterium has collaborated with mobile payments firm Liquid Group to develop an open platform, which will enable users to make instant crypto-to-fiat payments using QR codes at merchants.

Under the partnership, Liquid Group will launch an entity focussed on the development of a payment acceptance network for virtual currencies.

The new open platform, touted as the first of its kind worldwide, will be tested in a controlled test environment in Singapore. Participating merchants will get payments in fiat currency.

Liquid Group CEO Jeremy Tan said: “We will be working very closely with our service partners and regulators to make the pilot a success.”

During the trial phase, the platform will be evaluated for technological implementation areas. These areas include end-to-end transaction speed management as well as interoperability between different cryptocurrencies.

Crypterium COO Austin Kimm said: “We are very excited about this partnership as it allows us to expand the use of crypto in everyday life to Singapore that works towards becoming an innovative mobile payments country.

“Consumer interest towards cryptocurrency is also growing every day, thus we believe the option we offer will help merchants to maximise productivity and business outcomes by engaging with a high potential group of customers.”