Global payment brand, Mastercard has entered into a strategic collaboration with Alchemy Pay, a top fiat-crypto payment platform. In a Thursday press release, Alchemy Pay says its partnership with Mastercard is tailored towards combating rising fraud in the crypto world.
In essence, Alchemy Pay aims to leverage Mastercard’s opening solution to detect fraud while also ensuring a streamlined registration experience. This tool, according to the platform, verifies authentic users and averts fraud in the application process. The firm added that its integration of the solution signifies its commitment to strengthening risk control measures and boosting the security architecture of its platform.
Mastercard stands out when it comes to providing solutions that can help organizations verify their genuine users. Its account opening solution, for instance, uses advanced machine learning technology to separate fraudulent actors from real customers. This simply means its integration can help the firm identify users based on their risk levels.
In the announcement, Alchemy Pay revealed its plan to adopt the solution across its diverse product offerings. These include its On & Off-ramp solutions, NFT Checkout, Crypto Card Solution, and many more. With that, the firm believes its users will be fully protected against any form of identity fraud and any other malicious activities.
Alchemy Pay Stands Tall Among Other Payment Brands
Meanwhile, this development comes barely a few days after Alchemy Pay partnered with the Chiliz Chain. In the announcement, both firms promised to work together to bring crypto payments into the bustling sporting world. Also, Alchemy Pay plans to integrate some fan tokens into its ecosystem. Some of the tokens include CHZ and other Fan Tokens like ACM, ARG, ATM, and many others. Later, the firm will also integrate JUV and ARS tokens.
In recent years, Alchemy Pay has built a strong reputation due to its ramp payment network. The payment architecture features over 300 channels which cut across more than 100 countries of the world. More so, it supports over 50 fiat currencies, bridging the gap between traditional finance and cryptocurrencies. The increasing adoption of this payment network positions the firm as a leader in the crypto world.
Overall, it ensures easy access to fiat payments for both crypto and Web3 services. At press time, the firm is licensed in top countries and regions like the U.S, Canada, Indonesia, and Lithuania amongst others.
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