Crypto payment firm Alchemy Pay is planning to roll out a crypto-linked
virtual card that is accepted on the Visa and Mastercard payments
networks.
Hybrid crypto-fiat platform Alchemy Pay announced Monday that the company will be launching virtual crypto-linked cards accepting more than 40 cryptocurrencies like Bitcoin (BTC).
The
new cards can be linked to Google Pay and PayPal digital wallets, and
make payments across the Mastercard and Visa networks, as well as
popular e-commerce platforms like Amazon and eBay.
According to
the announcement, Alchemy Pay has already completed the product’s
development and launched beta testing in multiple key markets. The firm
expects to proceed with a full roll-out of the new product at the end of
2021 or early 2022.
The new initiative is launched in response to
growing demand for crypto-linked card transactions, allowing crypto
businesses to offer a full range of services as well as to help
traditional institutions integrate crypto-related solutions, Alchemy Pay
said. As previously reported, Visa alone processed over $1 billion in total crypto spending in the first half of 2021.
Alchemy Pay did not immediately respond to Cointelegraph’s request for comment.
Related: We have to be in the crypto space, Mastercard CEO says
The news comes shortly after Alchemy Pay last week partnered with Binance,
the world’s largest cryptocurrency exchange by trading volumes. As part
of the integration with Alchemy Pay, Binance will unlock crypto
payments across merchants of Alchemy Pay’s partners in 18 countries,
including e-commerce giant Shopify, software technology company
Arcadier, mobile payment provider QFPay and others. The new feature
would be available through Binance’s payments application Binance Pay.
As
previously reported by Cointelegraph, both Visa and Mastercard have
been aggressively moving into the cryptocurrency industry over the past
year.
After announcing payment compatibility for Circle’s stablecoin USD Coin (USDT) in late 2020, Visa has reaffirmed its commitment to crypto payments and fiat on-ramps, outlining a particular focus on stablecoin-based integrations. Mastercard has entered partnerships with Circle and blockchain firm Paxos to enable banks and crypto companies to roll out crypto cards globally.
source link : https://cointelegraph.com/news/alchemy-pay-to-launch-virtual-crypto-cards-with-visa-and-mastercard-support
