FAQ | Alchemy Pay (2024)

Alchemy Pay is a payment solution provider that makes transacting between fiat (dollar, euro etc) and crypto (bitcoin, ether etc) easy, secure, fast, and low cost. Its services make crypto investment, commercial transactions, and crypto and Web3 services easily accessible to consumers and institutions around the world.

Alchemy Pay’s core solution is an all-in-one payment network that enables merchants to accept both fiat and cryptocurrencies, online and offline (in-store). Merchant partners choose Alchemy Pay’s solution because they can accept both fiat and crypto and, regardless of the payment method, they can receive the funds in their local fiat currency and avoid the price volatility risk associated with cryptocurrency.

The network is currently supported in over 70 countries, has over 300 payment channels, and has a global reach of over 2 million merchants. This is made possible by partnerships with OTC and global crypto exchanges, financial institutions, and global remittance companies.

Alchemy Pay provides crypto and Web3 services with fiat-to-crypto on-ramps and fiat payment rails so that users can buy crypto and participate directly with mainstream-friendly fiat payment methods such as credit and debit cards, mobile wallets, and bank transfers.

Alchemy Pay’s solutions enable the crypto payment acceptance for real world goods and services online and offline (in-store), and enables mainstream-friendly fiat payment methods for users to buy crypto and participate in Web3 services. This is made possible by leveraging stablecoin technology, partnerships with OTC and global crypto exchanges, financial institutions, and global remittance companies.

Partners choose Alchemy Pay’s solution because they can accept both fiat and crypto, and regardless of the payment method they can receive the funds in their local fiat currency. With a wide network of payment providers, Alchemy Pay is currently supported in over 70 countries, has over 300 payment channels, and has a global reach of over 2 million merchants.

Alchemy Pay has partnerships, co-operations, and integrations with Binance, Shopify, NIUM, QFPay, Checkout.com, Arcadier, Cobo, Huobi Global, Algorand, Polygon, NEAR, Elrond, Avalanche, VeChain – and many more.

To get a more comprehensive view of Alchemy Pay’s network the full ecosystem can be found on the Alchemy Pay website.

Alchemy Pay provides partners with tailored blockchain and payment related services. Strategic partners such as NIUM, for example, enhance Alchemy Pay’s capabilities, with cost-efficient remittance services, and additional fiat payment channels.

Leading blockchain networks like Algorand, Polygon, NEAR, Elrond, Avalanche have all integrated Alchemy Pay’s fiat payment channels and their tokens are supported on the Alchemy Pay payment network.

Alchemy Pay’s ACH token incentivises client partners who use its fiat-crypto payment solutions. Transactions on Alchemy Pay’s payment network are rewarded with ACH. In total the ACH token is used for transaction (gas) fees, rewards, and pledging:

Transaction fees (or “gas fees”) – fees for transactions, investments, processing, are payable either in the local fiat currency or ACH. Opting to pay for fees in ACH will result in various fee discounts depending on terms and conditions for the participants.

Rewards – use of the network will be rewarded with distribution of ACH. Enterprises such as financial institutions, payment companies, e-commerce platforms, and developers are the primary use case builders, and earn enterprise transaction rewards at rates negotiated based on network size and transaction volume.

Pledging – to join the network, merchant partners purchase a specified amount of the ACH token and ‘pledge’ it. This means that while using the network, partners lock up funds which can be returned if they choose to withdraw.