Alchemy Pay, a fiat-to-crypto payment gateway, has partnered with Mastercard to enhance user verification and fraud prevention in its application process. In a blog announcement on July 11, the Singapore-based crypto firm stated that this collaboration would enable the integration of Mastercard’s advanced machine learning account opening solution. This technology will help Alchemy Pay detect and authenticate “genuine users” while mitigating fraudulent activities.
“In partnership with Mastercard, Alchemy Pay can identify users based on their risk levels and guide them through corresponding workflows,” the company said.
Founded in 2017, Alchemy Pay has obtained Authorized Payment Institution licenses in multiple countries, including the US, Canada, Indonesia, and Lithuania. Recently, the company secured a license in the UK, showcasing its expertise in the crypto payment sector.
In April 2023, Alchemy Pay received a $10 million investment from market maker DWF Labs, valuing the firm at $400 million. Besides its partnership with Mastercard, Alchemy Pay also collaborates with companies like Visa and supports over 300 payment channels, including traditional credit cards and mobile wallets.
In early May, Mastercard joined forces with major U.S. banks to develop distributed ledger technology for banking payments using tokenization. As reported by crypto.news, this initiative involves testing a shared ledger system known as the Regulated Settlement Network (RSN), aiming to enhance the efficiency of cross-border payments while reducing errors and fraud risks.
