This partnership is expected to drive mainstream adoption and usage of cryptocurrencies as a payment option around the globe.
Alchemy is pioneering digital payments globally by blending crypto and fiat payments via an innovative hybrid payment system developed in collaboration with QFPay, a digital payments leader serving over 1.2 million merchants across 13 markets in Asia and the Middle East.
The Alchemy Hybrid Payment Solution can be conveniently installed as an application on smartphones, tablets and point-of-sale terminals to allow merchants to accept payments from leading fiat digital wallets in Asia such as Alipay, WeChat Pay and Rakuten Pay, and from more than 30 popular cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Gemini Dollar and Tether.
Since its August launch, the solution has witnessed steadfast adoption by Hong Kong’s retail chain giant, Pricerite. Other high profile partners include ANA Holdings, the largest airline operator in Japan, which will deploy the hybrid payment solution across its ecommerce and retail stores across Japan as well as CÉ LA VI which operates Singapore’s iconic rooftop bar at Marina Bay Sands and has plans to deploy the payment solution across the CÉ LA VI group’s outlets globally.
As part of its strategy to drive cryptocurrency usage, Alchemy will continue to integrate new and popular cryptocurrencies, and plans to extend its global footprint to new countries and regions, including South Korea, the Philippines and Thailand. Alchemy is already integrated with industry-leading crypto exchanges, OTC platforms, cryptocurrency issuers and crypto wallet providers and is in continuous discussions with industry players to further enhance its Hybrid Payment Solution.
Most recently, the company announced a partnership with GAP600, an enabler of instant and secure cryptocurrency transactions that elevate the customer experience for users when transacting with cryptocurrencies.
Patrick Ngan, Co-Founder and CEO of Alchemy, believes this is a significant step towards driving mainstream cryptocurrency payment adoption and usage. “We believe that the usage of cryptocurrencies as a method of payment will be a huge market in the years to come. In this regard, the Alchemy Hybrid Payment Solution is already a game-changer because it creates real-world use cases by allowing crypto holders to spend their cryptocurrencies on goods and services – propeling cryptocurrencies towards becoming a global currency.”
The GAP600 solution builds on that value proposition by facilitating instant, risk-mitigated cryptocurrency commerce.
“We were looking for ways to expedite cryptocurrency transactions to enhance the user experience and mitigate risks during periods when transactions are pending. We discovered GAP600 while searching the industry for adequate solutions and it aligned precisely with our requirements,” explains Liang Chuan, CTO of Alchemy.
“We enable merchants and exchanges to recognize unconfirmed Bitcoin, Bitcoin Cash and Bitcoin SV transactions as final using a proprietary risk engine, which analyzes and performs live risk scoring for each transaction as it reaches the mempool,” explains GAP600 Founder and CEO, Daniel Lipshitz.
Following a seamless set-up and trial period during which Alchemy tested the solution on transactions, the partners were able moved into production.
“Integrating GAP600 into our platform was straightforward, easy and simple. With the enhanced transaction and security capabilities GAP600 enables, we have plans to broaden our reach into new industries such as hospitality and luxury markets where buyers can purchase big ticket items using crypto payments,” explains Chuan.
Beyond payments, Alchemy’s core offerings include tokenization services for businesses to enable their loyalty programs over the blockchain. This service helps businesses save on loyalty program costs, secure customers’ data, reduce fraud, and allow their loyalty tokens to be spendable across Alchemy and its partners merchant network across the globe.