Alchemy—Visa’s Service Provider

Published on: 19.01.2023
Visa has listed Alchemy Pay as an Official Service Provider

Alchemy—Visa’s Service Provider. Visa has listed Alchemy Pay 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 here. This is a significant sign of progress for its 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 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 cardholders worldwide.

Alchemy Pay is now registered to conduct merchant solicitation, sales, customer service, merchant transaction solicitation, or merchant training activities. Alchemy Pay 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, and third-party processor are all various terms for third-party agents.

The Third Party Agent Registration Program is a Visa-mandated program establishes 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 requires for all entities. Providing solicitation activities, managed services, and/or storing, processing, or transmitting Visa cardholder data for Visa clients. Visa clients require to perform due diligence. Reviews to ensure that they understand the agent’s business model, financial condition, background, and 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 integrates 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.

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