Mastercard has teamed up with Alchemy Pay, integrating its account opening API to boost security and risk control for Alchemy Pay’s on & off-ramp solutions, NFT checkout, and crypto card solutions.
This partnership aims to combat identity fraud and other malicious activities using advanced machine learning to detect and verify genuine users, significantly reducing fraud.
Alchemy Pay, based in Singapore, bridges crypto and traditional fiat currencies. Integrating with Mastercard enables Alchemy Pay to assess user risk levels and guide them through secure processes, providing better protection against identity fraud.
Since starting in 2017, Alchemy Pay has proliferated, earning Authorized Payment Institution licenses in several countries and expanding its network to over 300 payment channels in 173 countries.
It supports 50 fiat currencies and various global payment methods. In April 2023, Alchemy Pay raised $10 million from DWF Labs, valuing the company at $400 million.
Moreover, Mastercard has partnered with central US banks to develop distributed ledger technology for banking payments, further enhancing cross-border payment efficiency and reducing fraud risks.
