The collaboration provides access to Worldpay's Visa and Mastercard payment rails on Alchemy Pay's On & Off-Ramp, offering users increased efficiency and improved customer experience in buying and selling crypto with credit and debit cards. Additionally, Worldpay's payment channels will support Alchemy Pay's NFT Checkout, supporting NFT accessibility.
Worldpay, acquired by financial technology company FIS in 2019 handles more than 130 million transactions daily across mobile, online, and in-store platforms in 146 countries and 135 currencies, according to the official press release. Worldpay's expertise lies in fast settlement and extensive experience in international payments. Through this partnership, Alchemy Pay aims to enhance its global presence by overcoming barriers in crypto and NFT transactions.
Worldpay, responding to emerging trends in crypto and blockchain, has embraced cryptocurrency adoption, facilitating billions in card-to-crypto transactions within the FIS group. The company has also partnered with various crypto entities.
In the official press release, representatives from Alchemy Pay expressed enthusiasm about leveraging Worldpay's global reach to improve cryptocurrency transactions worldwide, providing enhanced payment experiences and favourable fee structures. Officials from Worldpay highlighted the alignment of Alchemy Pay's mission with Worldpay's role in bridging traditional and digital finance.
As a crypto payment service provider, Alchemy Pay supports transactions in over 50 fiat currencies through various payment methods, including Visa, Mastercard, Discover, and Diners Club. The company accepts payments through Google Pay, Apple Pay, domestic transfer options, and mobile wallets in emerging markets.
Proactively securing licenses in diverse countries, including Arkansas, Canada, Indonesia, and Lithuania, Alchemy Pay obtained a Money Services License in Iowa in November 2023. The company also acquired an MTL license in Arkansas in September 2023 and gained recognition from Visa and Mastercard as an authorised third-party service provider.
In December 2023, Worldpay from FIS has shared a series of fraud prevention tips in a bid to keep marketplace merchants safe during the holidays.
According to recent research from Worldpay from FIS, global macroeconomic challenges have caused an increased consumer interest in bargain shopping, resulting in a notable increase in the adoption of online marketplaces. Moreover, the company believes that this increase in online marketplace popularity, paired with an anticipated rise in fraud and disputes during the holiday season, requires more vigilance among merchants to mitigate potential negative business impacts.
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