Alchemy Pay Integrates PayID, Enhancing Crypto Payment Options for Australians
Alchemy Pay, a Singapore-based cryptocurrency payment solutions provider, has recently integrated PayID, Australia’s real-time interbank payment system, into its network. This addition offers Australian investors a new avenue for fiat-to-crypto transactions, enhancing their ability to navigate the cryptocurrency landscape.
This move follows Alchemy Pay’s earlier registration as a Digital Currency Exchange Provider (DCEP) with AUSTRAC in January 2023. By achieving this regulatory milestone, Alchemy Pay can now compliantly offer fiat-crypto exchange services within Australia, positioning itself favourably in the burgeoning crypto market.
With the integration of PayID, the company emphasised its commitment to providing lower transaction fees, faster processing times, and improved success rates for Australian cryptocurrency investors. This integration is expected to streamline the onboarding process as well, making it easier for users to engage with the platform.
Alchemy Pay is actively pursuing an expansion strategy aimed at obtaining regulatory approvals in 20 jurisdictions worldwide. Prior to its PayID integration, Alchemy Pay had already established partnerships with various regional payment channels in markets including Europe, Indonesia, and the Philippines, enhancing its global network.
Future Developments: Alchemy’s Layer 1 Blockchain
Since its inception in 2017, Alchemy Pay has experienced remarkable growth. According to company figures, it currently supports transactions in 173 countries, with more than 3 million users processing over 8 million transactions in 2024, reflecting a significant 300% increase compared to the previous year.
In a notable collaboration, Alchemy Pay partnered with Samsung Pay, enabling customers to use Alchemy Pay virtual crypto credit cards at physical retail locations and online platforms.
Looking ahead, Alchemy Pay has announced plans to launch its own Layer 1 blockchain network, named ‘Alchemy Chain’, in October 2024. This initiative aims to address the growing operational needs of the business and will be built using the Solana Virtual Machine architecture, allowing users to pay gas fees with Alchemy Pay’s ACH token.
The new blockchain will feature a high-scalability infrastructure designed to support large-scale business applications. It is expected to facilitate seamless interactions between on-chain operations and off-chain storage, enhancing the overall functionality and efficiency of Alchemy Pay’s services.
To ensure the integrity and speed of transactions, the Alchemy Chain will deploy a Trusted Proof-of-Authority (TPoA) consensus mechanism. This innovative approach will enhance the performance of validating nodes within the network.
As the cryptocurrency landscape continues to evolve, Alchemy Pay’s strategic moves position it as a key player in the industry, offering vital options for Australian investors while broadening its global reach.
