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Mastercard integrated its account opening API with Alchemy Pay to support security and enhance risk control measures. This strategic partnership aims to increase the security of various Alchemy Pay services such as On & Off-ramp solutions, NFT Checkout, and Crypto Card Solution. Utilizing advanced machine learning technologies to identify and verify legitimate users will significantly reduce the incidence of fraudulent activities.
Secure Crypto Payment Network is the Main Goal
Singapore-based Alchemy Pay serves as a crypto payment gateway bridging the gap between cryptocurrencies and traditional fiat currencies. The Mastercard integration allows Alchemy Pay to assess users based on their risk profiles and guide them through appropriate security workflows. This development enhances customer protection against the increasing identity fraud in the digital payment environment.
Founded in 2017, Alchemy Pay has achieved significant growth. The company has obtained Authorized Payment Institution licenses in many countries and expanded its network to over 300 payment channels in 173 countries. This expansion underscores its commitment to providing secure and efficient payment solutions globally.
Alchemy Pay demonstrates its wide reach and versatility by supporting 50 fiat currencies and various global payment methods. The $10 million investment from DWF Labs in April 2023 reflects confidence in the company’s business model and growth potential.
Intersection of Finance and Cryptocurrency
The partnership between Mastercard and Alchemy Pay is part of a trend where major financial institutions collaborate with blockchain and crypto companies to enhance payment security and efficiency. For instance, Mastercard has also partnered with major US banks to develop distributed ledger technology for banking payments. These initiatives aim to improve cross-border payment processes and reduce fraud risks.
Overall, this collaboration marks a significant step in enhancing the security of digital payments. The partnership, combining Mastercard’s robust security infrastructure with Alchemy Pay’s innovative crypto solutions, will offer users a more secure and reliable payment experience.
