Alchemy Pay, known for its fiat-to-crypto payment gateway, has announced this collaboration as a strategic move to enhance user verification and fraud prevention during the application process. The Singapore-based crypto firm revealed the partnership in a July 11 blog post, highlighting the integration of Mastercard’s advanced machine learning account opening solution. This technology aims to identify and authenticate genuine users while mitigating fraudulent activities.
“In partnership with Mastercard, Alchemy Pay can identify users based on their risk levels and guide them through corresponding workflows.” — Alchemy Pay
Founded in 2017, Alchemy Pay has secured Authorized Payment Institution licenses in multiple countries, including the US, Canada, Indonesia, and Lithuania. The recent acquisition of a license in the UK underscores the company's growing influence in the crypto payment sector. In April 2023, Alchemy Pay received a $10 million investment from market maker DWF Labs, bringing its valuation to $400 million. Alongside Mastercard, Alchemy Pay has collaborated with other major financial entities such as Visa. The firm supports over 300 payment channels, ranging from traditional credit cards to mobile wallets. Earlier in May, Mastercard joined forces with major U.S. banks to develop distributed ledger technology for banking payments using tokenization. This initiative, as reported by crypto.news, involves testing a shared ledger system called the Regulated Settlement Network (RSN). The goal is to improve the efficiency of cross-border payments while minimizing errors and fraud risks.
