Visa Lists Alchemy Pay as Official Service Provider

Published on: 18.01.2023
Visa Lists Alchemy Pay as Official Service Provider

Alchemy Pay has announced that they have been listed on Visa as an Official Service Provider. Alchemy Pay has been added as part of Visa’s Third-Party Agent (TPA) Program and can be found listed as Alchemy GPS. This is a significant sign of progress for their On & Off Ramp and recently launched NFT Checkout service.

As a payment gateway that facilitates transactions between traditional fiat currency and cryptocurrency it is advantageous to have strong and also direct relationships with all major payment institutions. Acting as the connecting ‘bridge’ between traditional finance and cryptocurrency, Alchemy Pay is currently able to process fiat payments to purchase cryptocurrencies for Visa cardholders in 173 countries.

Visa’s global network facilitates digital payments across more than 200 countries and territories among a set of consumers, merchants, financial institutions, businesses, strategic partners and government entities. There are currently 3.9B Visa card holders worldwide.

Alchemy Pay is now registered to conduct merchant solicitation, sales, customer service, merchant transaction solicitation or merchant training activities. They can now also act on behalf of a client for merchant solicitation and sales.

TPA is a type of agent, not directly connected to VisaNet, that provides payment-related services, directly or indirectly, to a Visa client and/or stores, processes or transmits Visa cardholder data. The terms agent, gateway, service provider, third party processor are all various terms for third party agents.

The Third-Party Agent Registration Program is a Visa-mandated program established to ensure that Visa clients comply with the Visa Rules, Payment Card Industry Data Security Standard (PCI DSS) and other applicable security standards regarding their use of Third-Party Agents. Agent registration is required for all entities providing solicitation activities, managed services and/or storing. Processing or transmitting Visa cardholder data for Visa clients (or on behalf of their merchants or agents). Visa clients are required to perform due diligence reviews. To ensure that they understand the agent’s business model, financial condition, background and also PCI DSS compliance status.

Alchemy Pay’s On & Off Ramp has been integrated by crypto platforms and dApps such as DEXs, CEXs, crypto wallets, NFT Marketplaces, play-to-earn gaming, DeFi protocols, and specialist projects.

The ramp solution is fully customizable and is integrated with full support via API and/or plugin. It supports Mastercard, Visa, and Apple Pay in 173 countries. As well as large scale banking systems such as SEPA in Europe. Beyond global and also continental methods, the ramp supports major regional wallets across the globe. With a particular focus on emerging markets such as Southeast Asia and Latin America. A full list of supported fiat payment methods, fiat currencies and also current integrations are listed on Alchemy Pay 2022: Year in Review.

About Alchemy Pay

Alchemy Pay (ACH) is a payment solutions provider that seamlessly connects fiat. And a crypto economy for global consumers, merchants, developers, and also institutions.

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SOURCE: MEDIUM

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