Singapore-based fintech firm Alchemy Pay has announced a strategic partnership with UK-based payment processor Worldpay. This collaboration, revealed on December 19, enables Alchemy Pay users to leverage Worldpay’s Visa and Mastercard payment gateways. This integration facilitates the purchase of cryptocurrencies using credit and debit cards, significantly enhancing the accessibility and ease of cryptocurrency transactions.
Robert McCracken, the Head of Ecosystem at Alchemy Pay, expressed enthusiasm about the partnership, emphasizing its potential to streamline cryptocurrency transactions globally. In parallel, Nabil Manji, who leads Cryptocurrency and Web3 at Worldpay, echoed similar sentiments. He highlighted that Alchemy Pay's objective to foster global digital asset adoption by connecting fiat and Web3 economies aligns seamlessly with Worldpay's goal of bridging traditional and digital finance sectors.
Established in 2018, Alchemy Pay has emerged as a prominent fiat-to-crypto processor, supporting over 50 fiat currencies. Its integration with popular payment platforms like Google Pay and Apple Pay, along with various mobile wallets, positions it as a versatile and accessible option for crypto transactions. On November 30, Alchemy Pay further expanded its services by introducing a rapid payment solution for euros and pounds sterling, significantly reducing the transaction time for cryptocurrency purchases to mere seconds or minutes.
Alchemy Pay’s expansion in the United States marked a significant milestone with the acquisition of a money services license in Iowa on November 23. This development followed the company's earlier achievement of obtaining a similar license in Arkansas in September. These licenses are pivotal in Alchemy Pay's growth and regulatory compliance in the U.S. market.
Worldpay, owned by Fidelity National Information Services (FIS), has shown a strong inclination towards integrating with Web3 technology over recent years. Following FIS’s $43 billion acquisition of Worldpay in 2019 and an $18 billion writedown on the deal, plans were announced in March to spin off the subsidiary. Worldpay has been active in the crypto space, evidenced by its partnership with Okcoin in July 2021 to enhance fiat-to-crypto exchanges and its collaboration with digital asset custody platform Fireblocks in October 2022 to launch a new payment engine for merchants, with Checkout.com and Worldpay as pilot partners.
