Coinspeaker
Mastercard Partners with Crypto Gateway Alchemy Pay to Prevent Identity Fraud
Payments giant Mastercard is undertaking the key issue of addressing identity fraud and mitigating other malicious practices through its partnership with blockchain provider Alchemy Pay. As it is known, Alchemy Pay is a fit-to-crypto payment gateway seamlessly connecting crypto with traditional fiat currencies for businesses, end users, and developers.
The Singapore-based crypto firm stated that with this collaboration, it can integrate Mastercard’s advanced machine learning account opening solution that will allow it to detect and authenticate “genuine users” while significantly reducing fraudulent activities. In the press release, Alchemy Pay noted:
“In partnership with Mastercard, Alchemy Pay can identify users based on their risk levels and guide them through corresponding workflows.”
Mastercard’s account opening API integration enhances security and risk control features across Alchemy Pay’s product range, including On & Off-ramp solutions, NFT Checkout, and the Crypto Card Solution. This advanced capability offers Alchemy Pay customers increased protection against identity fraud and mitigates potential malicious activities.
The Growth of Alchemy Pay
Ever since its birth in 2017, Alchemy Pay has grown steadily by securing Authorized Payment Institution licenses across multiple jurisdictions like Canada, the US, Indonesia, and Lithuania. With its expertise in the crypto payment sector, Alchemy Pay also secured a license in the UK.
The ramp payment network by Alchemy Pay has grown to encompass over 300 payment channels spanning 173 countries. Besides, the platform also supports a total of 50 fiat currencies. This establishes Alchemy Pay as a leader in providing solutions that enhance mainstream accessibility to fiat payments for crypto and Web3 services. Moreover, Alchemy Pay supports a wide range of global payment methods, including popular regional mobile wallets and local bank transfers tailored to specific regions
Last year in April 2023, Alchemy Pay secured $10 million in investment from market maker DWF Labs at a valuation of $400 million. Apart from Mastercard, Alchemy Pay has worked in partnership with other payment giants such as Visa.
In early May, Mastercard teamed up with major US banks to develop distributed ledger technology for banking payments through tokenization. This initiative includes testing a shared ledger system called the Regulated Settlement Network (RSN) to improve the efficiency of cross-border payments while reducing errors and fraud risks.
Mastercard Partners with Crypto Gateway Alchemy Pay to Prevent Identity Fraud
