Alchemy Pay is planning to launch a system of virtual cards that will process payments via Mastercard and Visa.
The expanded network of virtual crypto cards will provide users with the opportunity to make payments across eBay and Amazon, link the cards with PayPal and Google Pay wallets in addition to making payments through Mastercard and Visa.
Since the crypto-fiat hybrid has already launched beta testing in a number of markets, the end of 2021 or the beginning of 2022 is the time period when the launch likely will take place, per the Alchemy Pay announcement.
The expansion was a necessary measure for users of Alchemy Pay to have a wide range of options for easily conducting cryptocurrency transactions, apart from the motivation to ease the transition from traditional means of payment to integrate crypto. Visa for the year 2021 has already processed crypto payments in the amount of $ 1 billion.
The newest partnership comes only one week after the partnership with Binance was announced. Binance Pay would enable Alchemy Pay users to pay merchants across 18 countries, including affiliate companies such as QFPay, Arcadier, and Shopify.
Both Mastercard and Visa have been fiercely progressing in their integration into the crypto market. For Mastercard, previous partnerships with the aim to spread virtual crypto cards for financial institutions and firms have already been solidified with Paxos and Circle. Visa for the year 2021 has already processed crypto payments in the amount of $ 1 billion. Visa explicitly stated interest in the integration of stablecoins shortly after disclosing compatibility of payments with USD Coin (USDT).