Hybrid crypto-fiat platform Alchemy Pay is all set to transform the evolving crypto payment sector with its new product.
The crypto payment firm is planning to launch a “Virtual Crypto Card” to foster cryptocurrency payment adoption. It can be used across the Visa and Mastercard network, including eCommerce platforms such as Amazon and eBay.
The virtual cards can also be linked to digital wallets such as Google Pay and PayPal. The card supports over 40 cryptocurrencies.
“Development of Alchemy Pay’s virtual card services has since been completed and is currently undergoing beta testing in multiple key markets. The company expects the virtual card services to be fully launched at the end of 2021 or early 2022,” stated Alchemy Pay.
Visa and Mastercard Embracing Crypto
Both Visa and Mastercard have been aggressively moving into the cryptocurrency industry over the past year.
In March, Visa CEO Kelly said that there’s a “strong potential” for cryptocurrency to become new payment vehicles, particularly in emerging markets.
Visa recently reported that over US$1 billion was spent on crypto-linked Visa cards in the first six months of 2021. And, such crypto-linked card transactions are expected to continue growing rapidly in the near future.
In July, Mastercard launched a new Start Path global startup engagement program dedicated to supporting blockchain, digital assets, and cryptocurrency firms. Through this program Mastercard is working with crypto firms to overcome challenges in cryptocurrency adoption.
Alchemy Pay Enabling Businesses To Adopt Crypto Payment
Alchemy Pay said that it will offer the virtual card services as a full suite white-label service to crypto projects and businesses as well as traditional institutions looking to integrate crypto-related solutions.
The latest Alchemy Pay announcement follows a string of activities towards boosting the crypto payment.
Recently Alchemy Pay offered solution to Binance cryptocurrency exchange to build a payment bridge. The crypto-fiat bridge allows Binance Pay users to send and receive payments in over 40 supported cryptocurrencies.
In February, Alchemy Pay partnered with Instpower, a global power-bank-sharing network, to enable cryptocurrency payment across their charging stations.
Alongside Instpower, several ecommerce and payment sector leaders such as Shopify, Arcadier, QFPay and many more have already integrated with Alchemy’s payment system to drive crypto adoption to greater heights.