Crypto Alchemy Pay gets a license in Indonesia

by Arthur · February 27, 2023

Crypto gateway platform Alchemy Pay provides an integrated solution for merchant networks, developers and financial institutions. Recently, Alchemy Pay and a fintech firm, PT Berkah Digital Pembayaran, jointly received a license from the Central Bank of Indonesia.

This license is granted to facilitate seamless transfers and remittances. The platform is working to make crypto accessible using Google Pay’s integration. Alchemy Pay will now enable these entities to pay out to users and customers across Asia to reduce the operating costs of the payment services.

Alchemy Pay was established in June 2022 in Singapore. Mobile wallets have become more popular as a payment method, Apple Pay (supported by Alchemy Pay) and Google Pay have a large share of the mobile wallet market.

In addition, Google Pay is widely available to Android and iPhone users, enabling easy payments. With Alchemy added to Google Pay, purchases made via crypto are far more accessible and convenient than before. Alchemy has made it easy and convenient to buy cryptocurrency with fiat money.

From the data provided on the official website of Bank of Indonesia, Berkah Digital and Alchemy Pay have been listed as payment services under license category 3. Berkah Digital is a platform that provides client salary services and transfers via banking application programming interface (API), which allows users to transfer money to 136 banks in Indonesia.

Alchemy Pay’s crypto platform supports payments through Mastercard, Visa, Google Pay, Apple Pay and other mobile wallets such as Berkah Digital Pay. The payment platform currently operates in 173 countries.

Alchemy Pay linked to major crypto networks

Alchemy Pay was linked to major networks and services such as Binance, Avalanche, Polygon, Algorand and Arbitrum. Alchemy Pay is trying to create a friendly payment system that tries to connect crypto with people on a daily basis. Alchemy Pay’s integration with Ethereum Name Service and support for Binance have been well received by crypto users.

Alchemy Pay currently supports Google Pay in more than ten countries and includes currencies such as USD, EUR, KRW and NZD. Users outside the US can now make payments in US dollars.

Alchemy Pay has its own utility token, which is issued on the Ethereum blockchain. The token is called ACH (Alchemy Pay) and it is a large part of the Alchemy Pay network, which provides transaction fees along with network rewards and other processes.

Alchemy Pays On & Off Ramp has been integrated by many crypto-related platforms, including decentralized applications, decentralized exchanges (DEXs) and centralized exchanges (CEXs), crypto wallets, NFT marketplaces, play-to-earn gaming websites and DeFi protocols. The payment gateway is a fully customizable solution that can be implemented through an API or plugin with full technical support, which is provided by one of the leading payment gateway providers.