Alchemy Pay, a leading fiat-crypto on and off-ramp provider, has launched local payment methods in Vietnam by supporting domestic bank transfers and mobile wallets, MoMo, ViettelPay (VT Pay). This ramp solution, integrated via API or on-ramp widget, is available to Web3 platforms with a need to access users in Vietnam. As well as Mastercard, Visa, Apple Pay and Google Pay, Vietnamese users can now buy crypto directly with VND (Vietnamese dong) on Web3 platforms using these popular local alternative payment methods (APMs).
Until now, most crypto purchases in Vietnam took place via P2P transactions. This approach resulted in longer processing times and weaker security for both parties. Alchemy Pay added MoMo (23M users), VT Pay (9M users) and Zalo (71M users) and bank transfers to their infrastructure, to make crypto purchases easier and more direct with fiat funds.
Asia-Pacific has grown into the world’s largest market for cashless transactions with an annual growth rate of 16%. This growth can be attributed to the pandemic and the growth in the e-commerce sector. And with the region’s business-friendly regulations and dynamic economy, there are many reasons why Web3 platforms based in Asia are looking to access users with APMs in the region.
Simplifying the onboarding process is crucial for the widespread adoption of cryptocurrencies. Our team is dedicated to working with partners to make it a seamless and effortless experience” said John Tan, CEO, Alchemy Pay.
He added, “Vietnam and Southeast Asia have enormous potential for adoption, and by enabling new payment options with Alchemy Pay, we aim to bring these benefits to a growing number of users.”
Founded in Singapore in 2018, Alchemy Pay is now the fiat-crypto on-ramp in Vietnam with so many local payment methods and the fiat-on-ramp with the most payment methods in the world. The company’s success in Vietnam is not the only one in Southeast Asia. The gateway provider supports highly popular regional payment methods in emerging markets such as GCash in the Philippines (60M users); OVO (92M users) and Dana (115M users) in Indonesia.
Vietnam is a key market for cryptocurrency and particularly the new ‘gig economy’ brought about by NFTs and crypto play-to-earn gaming. Client partnerships with Alchemy Pay will bring their users to their platforms more easily than ever before. Alternative payment methods (APMs) like ViettelPay (VT Pay), Zalo and MoMo optimises support for expansion across Asia.
Alchemy Pay’s support for these APMs furthers our mission to onboard users from all backgrounds to Web3. We focus on user-friendly payments that solve onboarding issues in the cryptocurrency space and bring additional opportunities to our clients and their users.
Alchemy Pay On & Off Ramp
Alchemy Pay’s On & Off Ramp has been integrated by crypto platforms and dApps such as DEXs, CEXs, crypto wallets, NFT Marketplaces, play-to-earn gaming, DeFi protocols, and specialist projects. The ramp solution is fully customisable and is integrated with full support via API and/or plugin. It supports Mastercard, Visa in 173 countries, Google Pay, Apple Pay, as well as large scale banking systems such as SEPA in Europe. Beyond global and continental methods, the ramp supports major regional wallets across the globe with a particular focus on emerging markets such as Southeast Asia and Latin America. A full list of supported fiat payment methods, fiat currencies and current integrations are listed on Alchemy Pay 2022: Year in Review.
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Please contact: ramp@alchemypay.org
