The leading fiat-crypto payment gateway, Alchemy Pay, has expanded its payment functionality by integrating widely employed bank transfer systems, specifically the Automated Clearing House (ACH) network and Wire transfer, for US dollar transactions. This recent integration allows users to acquire cryptocurrencies through these prevalent transfer methods, simplifying the process of crypto purchases and consequently leading to higher transaction success rates and reduced fees.
For US dollars, Alchemy Pay has extended its support to numerous mainstream payment methods and systems, which encompass Visa, Mastercard, Discover, Diners Club, Apple Pay, Google Pay, as well as the newly integrated ACH transfer and wire transfer options.
Both ACH transfers and wire transfers are methods for electronically sending and receiving money directly through your bank account. ACH operates as a centralized clearing system that handles fund transfers between bank accounts and facilitates both the payer and the receiver. In contrast, wire transfers involve the direct electronic transfer of funds from one bank to another, available for both domestic and international transactions. Generally, ACH transactions may take a few days to process but incur lower costs, while wire transfers move funds more swiftly across borders but involve higher fees.
According to Nacha, the governing body for the ACH Network, there were a total of 7.7 billion payments valued at $19.7 trillion processed through the ACH Network in the first quarter of 2023. In 2022, wire transfers facilitated over 200 million transfer orders.
Given its substantial payment throughput, Alchemy Pay is well-positioned to enhance the convenience for users and businesses by enabling crypto purchases through these commonly used payment channels. Alchemy Pay’s On and Off-Ramp gateway is integrated by multiple Web3 platforms and has already processed millions of transactions for users in a total of 173 countries. Holding an extensive network of over 300 fiat payment channels, its checkout options extend beyond just credit cards, encompassing local mobile wallets as well.
In September, Alchemy Pay announced that it has secured a Money Transmitter License in Arkansas, the United States, joining esteemed crypto companies like Coinbase and Jack Dorsey’s Block in this accomplishment. Previously, its impressive track record in obtaining licenses in countries like Canada, Indonesia, and Lithuania further also verified its global reputation. In a demonstration of its credibility within the traditional payment sector, both Visa and Mastercard have recognized Alchemy Pay as an authorized third-party service provider. Looking ahead to the next three months in 2023, Alchemy Pay is actively pursuing licenses in Hong Kong and the UK, with anticipated approvals expected by upcoming months.
With its ever-expanding payment networks, enhanced payment capabilities, and user-friendly interfaces, Alchemy Pay is fully committed to simplifying the onboarding experience and promoting the widespread adoption of cryptocurrencies. This commitment fosters greater connectivity between ordinary individuals and the thriving crypto industry.
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Try our On & Off-Ramp to buy and sell crypto and local fiat currencies today https://ramp.alchemypay.org/
On & Off-Ramp Enquiries
Developers of Web3 platforms, and dApps with interest in integrating Alchemy Pay’s ramp solution can contact via the website https://alchemypay.org/contact
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