Alchemy Pay, a crypto payment provider, partnered with GrePay, a global acquirer and payments provider, to expand its services to global markets, including the UAE, India, Pakistan, Mexico, Brazil, Chile, and Colombia.
With over 100 local payment channels, GrePay processes over 200,000 transactions per day. Using these channels, Alchemy Pay aims to connect crypto service providers to their global key markets such as United Arab Emirates, India, Mexico, Brazil, Colombia, Chile, and Pakistan, a press release said.
Founded in Singapore in 2018, Alchemy Pay connects fiat and crypto economies, providing online and offline merchants with convenient acceptance of both crypto and fiat and making crypto services accessible to common users. Now, it is supported in over 70 countries with 300 payment channels and working with more than 2 million merchants.
As part of the partnership, Alchemy Pay will provide GrePay with crypto payment acceptance capabilities. This includes Binance Pay and on-chain transactions for popular mainstream cryptocurrencies. As a result, GrePay’s merchants will all now have the option to accept cryptocurrency payments.
With its hybrid crypto-fiat payment system, Alchemy Pay allows merchant partners to accept popular cryptocurrencies for instant offline and online payments at a low cost; and the system is currently supported in more than 70 countries and reaches more than 2 million merchants.
UAE’s leading mobile payment provider, Payby, becomes one of GrePay’s payment channels that Alchemy Pay will integrate first.
Alchemy Pay aims to enable crypto service providers, such as cryptocurrency exchanges, to accept Payby and have access to users – particularly in the UAE, a key market where demand for cryptocurrency roses rapidly amid the nation’s move towards creating a crypto hub.
GrePay provides cross-border merchants with secure, convenient local payment products and services due to its solid technical expertise and region-appropriate licensing. Supporting more than 30 local currencies, GrePay is actively diversifying its engagement in emerging markets.
“GrePay expands our global coverage in terms of what we can offer our crypto service partners as well as the crypto payment acceptance that we can offer merchants,” John Tan, CEO of Alchemy Pay, says. “The goal, ultimately, is the promotion of easy adoption and use of crypto for the consumer.”
The GrePay partnership comes after Alchemy Pay’s recent deals with Paytend and NIUM. These partners have considerably increased Alchemy Pay’s capabilities in global coverage and reduced transaction and operating costs.
As a result, MEXC exchange integrated Alchemy Pay’s fiat payment rails that enable their users to reach key Asian markets to deposit and withdraw fiat currency.