Having stepped into the second half of the year 2023, it’s essential to pause and reflect on our progress while carefully considering the roadmap ahead. Addressing deviations from the right tracks, introducing new plans, and removing outdated ones—our team is dedicated to approaching every development and Alchemy Pay’s roadmap with a serious and pragmatic mindset, and that’s precisely our intention when we review and revise our roadmap.
As we set our sights on the upcoming months, we are thrilled to share the exciting plans and initiatives we have in mind. This comprehensive roadmap will unveil several directions and focuses, along with the actions we’ll undertake in Q3 and Q4 for each segment, all aimed at propelling our company to new heights. Come aboard as we embark on this journey, navigating through our existing products, digital bank accounts, new offerings and compliance details within this article. Together, let’s make the next five months a period of growth, success, and lasting impact!
Advance Existing Products
Last year, we introduced our On and Off-ramp as well as NFT Checkout products, while our Crypto Card product was launched in June this year. While the former two have already matured and gained numerous partners, Crypto Card is relatively new. Nonetheless, we remain committed to refining the product and enhancing user experience based on small-scale testing and valuable feedback from existing partners and users.
On and Off-Ramps
Apart from continually upgrading our products, we are also focused on expanding our payment channel capabilities. This involves increasing the availability of local payment methods and bank transfers in various regions and currencies. Our esteemed partners, Checkout.com and Worldpay, will play a crucial role in ensuring a smoother fiat-to-cryptocurrency transfer process for our On and Off-ramps.
During Q3, our agenda includes the integration of ACH and Wire transfer services within the United States, along with Faster Payments within the UK. Additionally, we will incorporate various bank transfer channels in regions such as Argentina, Kenya, South Africa, Colombia, etc. As we move into Q4, our plans involve the inclusion of Vietnam’s local e-wallet, PayMe, as well as bank transfer in the UAE, Egypt, Saudi Arabia, and other countries. Below is a list of additional payment channels that will be integrated into our Ramps.
Throughout Q1 and Q2, our On and Off-ramps have collaborated with renowned partners such as Bitget, OKX, Conflux, Neo, DODO, Celo, and others. Going forward, we will intensify our efforts to promote our products and services, aiming to enhance business customers’ accessibility and increase the usage among individual users.
NFT Checkout
Similar to our ramp service, our primary aim for NFT Checkout is to continuously enhance the product and user experience. We are working on enhancing our channel capabilities, while also gaining access to more Visa and Mastercard payment channels to offer users more favorable rates. Anticipated for Q3 are the integration of Alipay+, which will bring in Alipay HK and other payment channels within the Philippines, Indonesia, Singapore, etc. This will encompass payment channels like GCash, BPI, Shopee Pay, Dana, OVO, QRIS, among others. Moving into Q4, our expansion continues with the inclusion of PayMe from Vietnam and PayBy from the UAE, as well as the addition of bank transfer options across diverse countries, further enhancing Alchemy Pay’s payment channel coverage. The payment channels that will be integrated into our NFT Checkout are listed in the picture above.
Crypto Card
Based on our small-scale testing in Bit.Store and Token Pocket and customer research, the Crypto Card solution has generated significant interest among our business customers. Recognizing its potential as an additional area for business growth, Alchemy Pay will focus on refining both our virtual and physical cards solution in the latter half of the year, expanding its availability to a broader customer base.
In Q3, we plan to fully implement the virtual card program and make the virtual card customization solution accessible to all business clients, which will enable their users to top up with designated tokens and allow direct spending through the virtual card. Concurrently, we will support partners in customizing physical cards with their branding, usable for offline multi-scene consumption and ATM cash withdrawal.
In Q4, the virtual card will incorporate more Visa/Mastercard BIN to accommodate a wider range of spending scenarios. We will also collaborate with the HK issuing bank to introduce Hong Kong dollar prepaid functionality alongside the existing US dollar option. Furthermore, Alchemy Pay will facilitate custom token top-ups for our business partners using the physical cards.
Introducing Digital Bank Service
During Q4, we will introduce a new feature allowing users to open bank accounts directly through the back-office page on our website. Through Alchemy Pay’s collaboration with EU and UK banks, individuals worldwide can apply for EU and UK bank accounts and access their bank services.
Additionally, users will have the convenience of viewing their cryptocurrency balance associated with the wallet address and performing real-time conversions between the euros and pounds from their bank account, and various cryptocurrencies from the associated wallet, all within the backend interface and system.
New Offerings to Expand the Scope of Alchemy Pay’s Payment Ecosystem
In addition to our current product lineup and offerings, we are actively diversifying Alchemy Pay’s payment ecosystem to create a cohesive and integrated crypto payment experience through Alchemy Pay. Our primary focus involves enhancing our website’s user backend and wallet functions while introducing innovative product forms like the Telegram Bot.
The Alchemy Pay Telegram Bot serves as a community operation tool tailored for Telegram usage scenarios, which will enable direct cryptocurrency recharges on Telegram and sending red packets in groups using customized tokens. This plugin is set to be released in the third quarter. Moving forward, in Q4, we will unveil a user backend and wallet functionality supporting the management of multiple fiat bank accounts and cryptocurrency addresses within the same wallet. Additionally, a chrome plugin will be launched as a browser extension app, offering wallet services to users in a convenient manner.
Compliance: The Unwavering Priority
Since our establishment in 2017, regulatory compliance has remained a top priority in our service approach. We take considerable measures to safeguard our clients, partners and against illegal transactions and regulatory violations.
Currently, we have completed the application for the UK Authorized Payment Institution License (API) and Hong Kong Money Service Operators License (MSO), and we anticipate to get the result in Q3. Additionally, we will soon submit the Hong Kong Virtual Asset Service Providers (VASP) license, with plans to follow up with the application for the Money Transmitter License (MTL) in the United State during Q4.
Securing these licenses not only expands our service capabilities but also lowers operational costs. Operating with these licenses allows for direct operations, reducing transaction risks for our clients when dealing with traditional financial institutions. Moreover, obtaining the license provides Alchemy Pay with a competitive advantage as it expands its presence globally across different countries and regions, progressively attracting and winning over clients.
Forge Ahead Payment Solutions
As we conclude our upgraded roadmap for Q3 and Q4 2023, we stand resolute in our commitment to bridging the fiat and crypto global economies. All our efforts are directed towards shaping the landscape of crypto payment solutions and push the boundaries of what’s possible. Stay tuned for exciting updates in the coming months as we work passionately to make Alchemy Pay’s vision a reality!
Try Now
Try our On & Off Ramp to buy and sell crypto and local fiat currencies today https://ramp.alchemypay.org/
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