Alchemy Pay virtual card to drive crypto payments adoption
The digital currency gateway solution provider will use the virtual crypto cards to integrate crypto payments to millions of merchants on the Visa and Mastercard network
In a bid to accelerate the adoption of cryptocurrencies in the payments sector, Alchemy Pay announced in a press release earlier today the upcoming launch of Virtual Crypto-Linked Cards, an innovation that can bridge the gap between crypto and fiat currency by enabling millions of merchants to accept crypto payments and get paid in their local currency.
With operations in over 18 countries and touchpoints with more than 2 million merchants through partnerships with industry giants such as Shopify, Arcadier and QFPay, Alchemy Pay is the world’s first hybrid fiat and digital currency gateway solution provider. The company focuses on promoting blockchain adoption by making cryptocurrency investments and decentralised finance (DeFi) services accessible to the fiat economy.
Virtual crypto cards are a major milestone in this mission as they not only make crypto payments convenient for users but also remove the barriers faced by traditional businesses in accepting and conducting crypto transactions.
By creating a one payment terminal system for offline crypto and fiat transactions and one API to integrate online crypto and fiat payments, Alchemy Pay helps businesses surpass technical difficulties that previously stopped them from accepting crypto.
The press release revealed that the virtual crypto cards will go beyond supporting payments via major cryptocurrencies like Bitcoin and promote the growth of altcoins by supporting over 40 different crypto tokens.
Users can directly link the virtual crypto card to digital wallets like PayPal or GooglePay to pay for their taxi or coffee using cryptocurrencies. The virtual crypto cards will also be accepted by millions of merchants on the Visa and Mastercard network, including popular eCommerce platforms such as Amazon and eBay.
The virtual crypto card service has completed development and is currently in the beta testing stage, Alchemy Pay stated. A full launch is expected to take place at the end of this year or the beginning of 2022, the company added.
With Visa alone processing over $1 billion worth of cryptocurrencies in the first half of 2021, there is no doubt that there is a huge market for an innovation like the virtual crypto card that can connect the crypto and fiat economies without compromising on convenience.
Alchemy Pay has further expressed its desire to offer virtual crypto cards as a full suite white-label service to crypto projects and traditional businesses looking to integrate crypto and blockchain solutions. This will enable effective crypto payments adoption in the fair economy and ensure that adoption leads to sustainable growth for the blockchain and DeFi industries.