DEC 20, 2023
Alchemy Pay plugs into Worldpay’s payment rails
Singaporean fintech Alchemy Pay, specializing in crypto payments, has inked a partnership with Worldpay, a well-known payment processor based in the United Kingdom.
More seamless crypto transactions
The collaboration, announced on Tuesday, enables Alchemy Pay users to leverage Worldpay’s extensive Visa and Mastercard payment rails, facilitating more seamless cryptocurrency transactions via credit and debit cards. In addition, the parties have agreed that at some stage in the future, Worldpay’s payment channels will add support for Alchemy Pay’s NFT Checkout.
Robert McCracken, the Ecosystem Lead at Alchemy, expressed the strategic advantage of the partnership, stating:
“Alchemy Pay is now better positioned to assist our business partners and users in seamless cryptocurrency transactions worldwide.”
This move aligns with Alchemy Pay’s broader mission of promoting global adoption of digital assets by connecting fiat to the Web3 economy.
Nabil Manji, Head of Crypto and Web3 at Worldpay, emphasized the alignment of goals between the two entities. He stated: “Alchemy Pay’s mission to promote global adoption of digital assets by connecting fiat to the Web3 economy is aligned with Worldpay’s role in bridging the gap between traditional and digital finance.”
Founded in 2018, Alchemy has established itself as a fiat-to-crypto onboard processor, supporting over 50 fiat currencies through platforms like Google Pay, Apple Pay and various mobile wallets.
The announcement follows Alchemy’s recent acquisition of a money service license in the U.S. state of Iowa on Nov. 23, building on its approval for a similar license in Arkansas in September. The firm has indicated that not only does it have other state licensing applications in the works but that it expects to be in a position to announce further approvals over the coming weeks.
The Singaporean company has also been paying attention to licensing requirements elsewhere. In February Alchemy, alongside fintech firm PT Berkah Digital, jointly obtained licensing from the Central Bank of Indonesia.
Alchemy Pay has had a steady stream of announcements relating to industry partnerships in 2023. In July it inked a deal with Checkout.com, allowing the firm to integrate Checkout.com’s Visa and Mastercard channels into its on and off-ramps.
In recent weeks, the company introduced new payment options, linking in with Single Euro Payments Area (SEPA) Instant in Europe and the Faster Payments platform in the United Kingdom. Alchemy Pay also struck up a deal with self-custody crypto wallet Trust Wallet. It meant that Trust Wallet’s 70 million users could execute crypto transactions directly with fiat payments.
Back in May, the payments gateway announced the provision of a rupee-denominated on-ramp via India’s UPI real-time payments system.
Worldpay, owned by Fidelity National Information Services (FIS), has been actively integrating with Web3 technologies. In July 2021, the firm partnered with OKCoin to provide infrastructure for the exchange’s fiat-to-crypto onboarding.
Additionally, in October 2022, the digital asset custody platform Fireblocks launched a new payment engine for merchants, with Worldpay serving as one of the pilot partners alongside Checkout.com.