The digital currency gateway solution provider will use virtual crypto cards to integrate crypto payments to millions of merchants across the Visa and Mastercard network.
In an effort to accelerate the adoption of cryptocurrencies in the payments industry, 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 cryptocurrency and fiat currency by allowing millions of merchants to accept crypto payments and be paid in their local currency.
With operations in more than 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 leading provider of fiat and digital currency hybrid gateway solutions. The company focuses on promoting blockchain adoption by making cryptocurrency investments and decentralized finance (DeFi) services accessible to the fiat economy.
Virtual crypto cards are an important step in this mission, as they not only make crypto payments convenient for users, but also remove the barriers that traditional businesses face in accepting and conducting crypto transactions.
By creating a single payment terminal system for offline crypto and fiat transactions and a single API to integrate crypto and fiat online payments, Alchemy Pay helps businesses overcome the technical difficulties that previously prevented them from accepting cryptos.
The press release revealed that virtual cryptocurrency cards will go beyond supporting payments through major cryptocurrencies like Bitcoin and will promote the growth of altcoins by supporting more than 40 different cryptocurrency 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. Virtual cryptos cards will also be accepted by millions of merchants on the Visa and Mastercard network, including the most popular e-commerce platforms like Amazon and eBay.
The virtual crypto card service has completed its development and is currently in beta testing, Alchemy Pay said. A full launch is expected to take place at the end of this year or early 2022, the company added.
With Visa alone having processed over a billion dollars 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 cryptocurrency card that can connect crypto and fiat economies without compromising convenience.
Alchemy Pay further expressed its desire to offer virtual crypto cards as a white label service of a complete suite to crypto projects and traditional businesses looking to integrate crypto and blockchain solutions. This will enable effective adoption of crypto payments in the fair economy and ensure that this adoption leads to sustainable growth for the blockchain and DeFi industries.