Alchemy Pay Partners with Mastercard to Increase Security and Fraud Detection

Alchemy Pay, a leading fiat-to-crypto payment gateway, partnered with the global payment giant Mastercard. This significant move will efficiently detect fraud activities and mitigate the risks on the platform. By leveraging Mastercard’s account opening solution, a crypto payment firm will be able to offer a seamless registration process to its genuine users.

Alchemy Pay announced the collaboration via its official X account (formerly Twitter), which reads: 

Level up security with @Mastercard!

Together with #Mastercard, #AlchemyPay can better verify authentic genuine users and prevent potential fraud during account application, all while making registration a seamless experience.

This means a smooth signup process for you, and a… pic.twitter.com/mY2yE7aPP9

— Alchemy Pay|$ACH: Fiat-Crypto Payment Gateway (@AlchemyPay) July 11, 2024

Alchemy Pay to Use Mastercard’s Identity Program

Mastercard offers an identity solution program that helps organizations authenticate real consumers worldwide. Moreover, the payment service provider owns an account opening solution utilizing machine learning that enables different firms to identify fraudulent activities performed by intruders. Through this collaboration, Alchemy Pay develops an advanced risk management system that will verify users based on their risk profile, enabling a smooth workflow.

Alchemy Pay also affirmed the partnership in an official blog post. It stated:

In partnership with Mastercard, Alchemy Pay can identify users based on their risk levels and guide them through corresponding workflows.

Furthermore, integrating Mastercard’s account opening Application Programming Interface (API) with the crypto payment gateway system will enhance risk control and identification of security breaches. This will properly screen the platform’s diverse features, including NFT checkout, product offerings, on and off-ramp solutions, and Crypto Card Solutions. Besides, the introduced feature will also prevent the entrance of malicious entities across these features.

Alchemy Pay Expands Reach By Partnering Global Firms

Alchemy Pay has been actively forming strategic partnerships around the globe to expand its network. On July 10, it integrated with the Chiliz token and its ecosystem. Moreover, the crypto payment gateway also enabled on- and off-ramp solutions in June, along with Sticash and Tomo Wallet.

On June 24, Alchemy announced its strategic partnership with “Danal and Danal FinTech,” a business payment company. In the same month, it launched a payment channel to support local bank transfers in Africa. This demonstrates the platform’s escalating progress and commitment to extending its reach. Integrating two leading payment providers will revolutionize the future of digital assets in the crypto space. Consequently, individuals will enjoy a seamless, secure, and borderless payment experience.

Alchemy Pay has established a vast payment network, expanding in 173 countries and supporting over 50 fiat currencies through 300+ channels. This extensive reach enables the payment firm to bridge gaps between traditional banking systems and the evolving world of digital assets in the Web3 sector. Alchemy Pay offers diverse payment methods, including regional preferences and global options through mobile wallets and bank transfers. 

Crypto payment firms have a strong background in the traditional finance sector. It has secured key licenses in various prominent regions like Canada, Indonesia, Lithuania, the United States, and, most recently, the UK. Alchemy Pay has solidified its position as a pioneer in crypto payment services