Alchemy Pay To Launch Virtual Services With Visa And MasterCard
Alchemy Pay plans to release virtual crypto-linked cards in the coming months, following new partnerships with Visa and MasterCard, as the company continues its bid to drive payment adoption in crypto.
Seamless crypto payments have been an age-old goal for Alchemy Pay, which is the innovator of the first hybrid crypto-fiat payment platform the world has ever seen. Since its launch a few years back, Alchemy Pay has connected crypto and fiat economies in diverse ways. Its partnership with Visa and MasterCard is its next major step in this direction.
Growing Interest In CryptoCard Transactions
The new virtual cards are supported by leading card companies, Visa and MasterCard. It will also be possible to synchronize the crypto-linked cards with digital wallets such as Google Pay and PayPal.
Alchemy's crypto-linked cards will support transactions in over 40 cryptocurrencies and will be accepted by the countless number of marketers on the Visa and Mastercard networks, including popular multinational eCommerce corporations such as Amazon and eBay.
According to the company's press release, the product’s development has been completed and beta tests of the card services have already begun in various key markets. By the end of 2021 or during the early weeks of 2022, Alchemy Pay intends to launch its product to the global market.
Public interest in cryptocurrencies have risen exponentially in the last months, and the increasing demand for crypto card transactions is more evidence of this. There has been an interesting scramble for more crypto card solutions in recent times. In an official statement last month, Visa shared that its crypto-enabled cards processed transactions adding up to over $1 billion in the first half of 2021.
Another noteworthy mention is MasterCard's increased interest in the crypto space, highlighted by the growing number of innovations being thrust towards participants in the industry. Through a recent collaboration, the payment platform recently launched its very first crypto card, called CriptanCard.
All these developments point to a global shift towards crypto transactions, as various companies continue to scramble to take advantage of what could be a defining industry in the future.
Alchemy Pay Drives Adoption
Alchemy Pay is pushing for crypto adoption and making bridges to the crypto industry just as well as it is making easy access to the DeFi space. Not only can users go onramp and offramp within minutes while purchasing on platforms like Shopify, they can also now do the same in the DeFi spaces. Fiat to DeFi transactions are easy and seamless like every other traditional transaction, because Alchemy takes care of necessary fiat-to-crypto conversions in the background. While DeFi services were previously only obtainable with utility tokens, Alchemy Pay makes them available even to fiat purchases within seconds.
Alchemy's reach already extends to 18 countries and over two million traders. MasterCard and Visa only joins a growing list of partnerships that already includes Shopify, Binance, Arcadier, QFPay, and others.
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