Alchemy Pay to Launch MasterCard and Visa Crypto Card Services
- Alchemy Pay’s virtual crypto-linked cards will support 40 cryptocurrencies and will be accepted across all merchants on the MasterCard and Visa networks.
- The company is considering offering the cards as a full suite white-label service to crypto companies.
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In a press release published on 9 August, Alchemy Pay announced the launch of its new Virtual Crypto-Linked Cards. The virtual cards will support over 40 different cryptocurrencies and will be accepted across millions of merchants on the MasterCard and Visa networks. Users will be able to link the virtual cards to digital wallets such as Google Pay and PayPal and use them on popular e-commerce platforms such as Amazon and eBay.
According to the company’s press release, over $1 billion worth of crypto-linked card transactions has been processed this year, with the number expected to grow rapidly in the following months. In an effort to drive more adoption, Alchemy Pay said it will offer virtual card services as a full suite white-label service to companies looking to integrate crypto-related payment solutions.
The development of the company’s virtual card services has been completed and is currently undergoing beta testing in several “key markets.” While the company hasn’t revealed where the cards were being tested nor the scope of the test, it expects the service to be fully launched at the end of 2021 or the beginning of 2022.
- Currently in its beta launch phase in Brazil, the Binance Card will allow its holders to make payments and purchases using 13 supported cryptocurrencies.
- Brazil has become the second country in Latin America to receive the product, following a similar announcement in Argentina in August 2022.
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- The payments giant has proposed the creation of new self-custodial wallets, called “delegable accounts”, using the “account abstraction” (AA) method.
- As Ethereum does not yet support AA, Visa implemented its new wallet type on layer 2 scaling solution StarkNet, and successfully enabled automated recurring payments.
- The new program will see MasterCard act as a “bridge” between Paxos and financial institutions, allowing them to offer crypto trading services to their clients.
- The payments giant will also assist institutions with regulatory compliance and security, two reasons banks cite for avoiding the asset class.