Crypto payment company Alchemy Pay plans to introduce a virtual card linked to cryptocurrencies that is accepted on Visa and Mastercard networks.
On Monday, the hybrid Alchemy Pay platform announced that the company will introduce virtual payment cards that will allow you to pay with over 40 cryptocurrencies.
The new cards can be linked to Google Pay and PayPal digital wallets and make payments on Mastercard and Visa networks, as well as on popular e-commerce platforms such as Amazon and eBay.
As announced, Alchemy Pay has already completed work on the product and launched beta testing in many key markets. The company expects to fully implement the new product by the end of 2021 or at the beginning of 2022.
The new initiative was launched in response to the growing demand for cryptocurrency-related card transactions, enabling cryptocurrency companies to offer a full range of services as well as helping traditional institutions integrate cryptocurrency solutions, said Alchemy Pay.
The market for payments with cryptocurrency-powered cards is growing strongly. In the first half of 2021 in the Visa network alone, over $ 1 billion of cryptocurrency card payments have been made.
Last week, Alchemy Pay partnered with Binance, the world’s largest cryptocurrency exchange by volume of trading. As part of its integration with Alchemy Pay, Binance will unlock crypto payments with Alchemy Pay partner vendors in 18 countries, including e-commerce giant Shopify, software company Arcadier, mobile payment provider QFPay and more. The new feature would be available through the Binance payment app, Binance Pay.
Both Visa and Mastercard are aggressively entering the cryptocurrency industry, which will surely translate into an increased interest in this market of people who have not dealt with cryptocurrencies so far.
It is worth adding that in the last 2 weeks the price of the Alechemy Pay (ACH) token has increased by over 100 times.
11-08-2021, Mr Advice TEAM