Ride-hailing service Ryde expands crypto payment option to over 70, launches first NFT

COMMUTERS using ride-hailing service Ryde will soon be able to pick from over 70 different cryptocurrency options to pay for their ride, the company said in a statement on Friday (Apr 15).

Ryde users will be able to choose from over 70 currencies and 10 different blockchain networks to top up their in-app wallets from the third quarter of this year, said the company, which first accepted crypto payments through Bitcoin in 2020.

Terence Zou, founder and chief executive of Ryde, said the company is expanding its range of crypto payment options thanks to an integration with the blockchain-based Web3 startup Request Finance.

It also announced the launch of its first non-fungible token (NFT), which it said will have "real-world utility" such as the access to exclusive reward tiers. Rarer NFTs offer more exclusive rewards, it added.

To be eligible for a chance to receive a RydePal NFT, the first 3,350 people must hold an active subscription for its paid service Ryde+ by May 31.

Zou said the company is hoping to deploy NFTs in a way that generates more "real world value" for customers who hold crypto, adding that few NFT projects hold "real-world utility" despite the promise the technology holds.

NFTs also offer greater operational efficiencies in administering a membership programme than traditional systems, the company said.

"It does not rely on Ryde as a central authority to maintain a ledger of its members, and the Ryde community is free to trade the NFTs as they see fit," it added.