Alchemy Pay to launch virtual crypto cards with Visa and Mastercard support
Alchemy Pay is one of the newest payment processing solutions and a virtual crypto card for merchants. One of the main goals of the company is to solve the problem of merchant card acceptance. The first step towards this goal was the launch of the virtual Visa and Mastercard cards.
It’s been nearly 6 months since we told you about the Alchemy Pay team’s crypto card project. Well, it’s finally time to take the wraps off the cards, and let you know what you’ll be able to do with them. You’ll be able to both spend and exchange them. That means you can use them at your favorite stores and online – including online shopping. In addition to this, you’ll also be able to transfer bitcoin, ether, dash, and a few other cryptocurrencies with your card.
Crypto is an exciting new technology that has been grabbing headlines and causing a stir in the financial industry. The key thing is that it is not just about Bitcoin. Cryptocurrency is a new form of currency that has been created using blockchain technology. The main benefit of cryptocurrency is that it is based on a decentralised digital ledger that is not controlled by any bank or government and is therefore more secure than traditional payment methods.. Read more about does visa allow cryptocurrency purchases and let us know what you think.
Alchemy Pay, a hybrid crypto-fiat platform, said on Monday that it would introduce virtual crypto-linked cards that will accept more than 40 cryptocurrencies, including Bitcoin (BTC).
The new cards can be connected to Google Pay and PayPal digital wallets, and they can be used to make purchases on the Mastercard and Visa networks, as well as major e-commerce sites like Amazon and eBay.
Alchemy Pay has finished product development and begun beta testing in a number of major countries, according to the release. The company plans to launch the new product in its entirety by the end of 2021 or early 2022.
According to Alchemy Pay, the new effort is being launched in response to increasing demand for crypto-linked card transactions, enabling crypto companies to provide a complete range of services while also assisting conventional banks in integrating crypto-related solutions. Visa alone handled over $1 billion in total crypto expenditures in the first half of 2021, as previously reported.
Alchemy Pay did not immediately reply to a request for comment from Cointelegraph.
Related: Mastercard CEO: “We have to be in the crypto sector”
The announcement comes after Alchemy Pay joined with Binance, the world’s biggest cryptocurrency exchange by trading volume, only a few weeks ago. Binance will enable crypto payments among merchants of Alchemy Pay’s partners in 18 countries, including e-commerce giant Shopify, software technology firm Arcadier, mobile payment service QFPay, and others, as part of the Alchemy Pay integration. Binance Pay, Binance’s payment app, will be able to access the new functionality.
Visa and Mastercard have been actively pushing into the bitcoin sector over the last year, as Cointelegraph has reported.
Visa has reiterated its commitment to crypto payments and fiat on-ramps, highlighting a specific emphasis on stablecoin-based integrations, after announcing payment compatibility with Circle’s stablecoin USD Coin (USDT) in late 2020. Mastercard has partnered with Circle and Paxos, a blockchain company, to allow banks and crypto firms to launch crypto cards across the world.
Most cryptocurrency wallets can be thought of as a digital wallet that can send and receive Bitcoin as well as store the keys to private addresses. However, the world’s first digital wallet that also allows you to store and spend Visa and MasterCard credit, debit and prepaid cards.. Read more about visa digital currency and let us know what you think.
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