Alchemy Pay Introduces Virtual Cryptocurrency Cards Featuring Visa and Mastercard Compatibility

Alchemy Pay, a cryptocurrency payment company, intends to launch a crypto-linked virtual card accepted on the Visa and Mastercard payment networks.

Alchemy Pay, a hybrid crypto-fiat platform, announced the debut of virtual crypto-linked cards that would take more than 40 coins, including Bitcoin.

These new cards can be integrated into Google Pay and PayPal digital wallets and used to make payments throughout the Mastercard and Visa networks and well-known e-commerce sites like eBay and Amazon.

As per the notification, Alchemy Pay has finished product development and begun beta testing in several major regions. The company anticipates that the new product will be fully rolled out by the end of 2021 or early 2022.

The new effort was created in response to the increasing demand for crypto-linked card transactions, allowing crypto firms to provide a full range of services while also assisting traditional institutions in integrating crypto-related solutions.

The announcement comes just after Alchemy Pay announced a partnership with Binance, The world’s biggest crypto exchange by trade volume, last week. Binance will enable crypto payments across retailers of Alchemy Pay’s partners in 18 countries, including e-commerce powerhouse Shopify, software technology firm Arcadier, mobile payment service QFPay, and others, as part of the integration with Alchemy Pay. The new functionality will be accessible via Binance Pay, the company’s payment app.

Over the last year, both Visa and Mastercard have made strong moves into the cryptocurrency market.

Visa has reiterated its commitment to crypto payments and fiat on-ramps, highlighting a specific focus on stablecoin-based integrations, after announcing payment compatibility for Circle’s stablecoin USD Coin (USDC) in late 2020. Mastercard has formed alliances with Circle and blockchain startup Paxos to enable banks and cryptocurrency firms to launch crypto cards internationally.

Source: Cointelegraph news

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