The leading hybrid crypto-fiat platform-Alchemy Pay announced today that they would be launching a virtual crypto-link card that accepts more than 40 cryptocurrencies including Bitcoin.
These new cards can be integrated with PayPal and Google Pay digital wallets, and used to make payments across the Visa and MasterCard networks. They also work well with popular e-commerce platforms such as eBay and Amazon.
According to the announcement, Alchemy Pay stated that they had already finalized the product’s development and launched beta testing in numerous key markets. They foresee proceeding with a full launch of the new product at the end of this year or early 2022.
This new initiative is being developed to respond to the rising requests for crypto-linked card transactions which allow crypto businesses to offer a full range of services and help traditional institutions incorporate crypto-related solutions. Previous reports show that Visa alone processed over $1 billion in total crypto spending in the first half of 2021.
Alchemy Pay And Binance
The news of the new launch came a few days after Alchemy Pay partnered with Binance-the world’s biggest crypto exchange. As part of this new integration with Alchemy Pay, Binance will open cryptocurrency payments across merchants of Alchemy Pay’s partners in 18 countries, including the Software-technology company, Arcadier, e-commerce giant, Shopify, mobile payment provider-QFPay, and many others. This new feature will also be available through Binance’s payments application Binance Pay.
In cryptocurrency payment, more companies are beginning to realise that empowering their customers with quicker and more convenient payment channels has become one of the core competitiveness. As reported by Blockchain News on August 3-CoinJar, a cryptocurrency exchange from Australia, is cooperating with the global payment giant, MasterCard, to launch Australia’s first cryptocurrency MasterCard CoinJar Card.
Coinbase also announced plans to give customers more payment methods for transactions and allows users to use Apple Pay to acquire cryptocurrency assets on its trading platform. It is expected to integrate with Google Pay in late 2021.
MasterCard and Visa
As previously reported by Cointelegraph, both Visa and Mastercard have been moving into the cryptocurrency industry over the past year. After announcing payment compatibility for Circle’s stablecoin USD Coin (USDT) in 2020, Visa reaffirmed its commitment to crypto payments and fiat on-ramps, defining a particular focus on stablecoin-based integrations. Mastercard has joined with Circle and blockchain firm Paxos to allow banks and crypto companies to give out crypto cards globally.
Mastercard is vigorously joining several major central banks around the world, as they examine plans to launch new digital currencies, dubbed CBDCs, to offer their citizens a new way to pay. Last year, a test platform for these banks to use these currencies in a simulated environment was developed.