VISA Accelerates Blockchain Adoption with Alchemy Pay

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1. Alchemy Pay can presently handle fiat payments for Visa cardholders.
2. Alchemy Pay may now sell, assist, solicit merchant transactions, and train merchants.
3. Visa cardholders to purchase cryptocurrencies in 173 countries.

A blockchain-based payment system known as Alchemy Pay has made an official announcement stating that Visa has designated it as an official service provider and that it has been included in Visa’s third-party agent (TPA) program. These are both significant developments for Alchemy Pay.

A Third-Party Administrator, abbreviated as TPA, is an agency that manages, processes, or transmits Visa cardholder data on behalf of a Visa client but is not directly connected to the VisaNet network.

When working with Third Party Agents, Visa’s customers are subject to the Visa Rules, the Payment Card Industry Data Security Standard (PCI DSS), and other pertinent security regulations. The Third Party Agent Registration Program was developed by Visa in order to monitor its customers’ compliance with these and other security regulations.

Agent registration is required for any business engaging in solicitation activities, providing managed services, or storing, processing, or transmitting cardholder data on behalf of customers. Customers are responsible for performing due diligence to ensure they are aware of the agent’s business strategy, financial standing, history, and PCI DSS compliance.

When acting as a payment gateway for exchanges between fiat currency and cryptocurrency, it is helpful to have close and direct relationships with all of the major payment institutions. As a “bridge” between conventional finance and cryptocurrency, Alchemy Pay presently allows Visa cardholders in 173 countries to use their local currency to buy cryptocurrency.

The Alchemy Pay On and Off Ramp has been integrated into numerous platforms, including decentralized and centralized exchanges, cryptocurrency wallets, NFT marketplaces, play-to-earn gaming, DeFi protocols, and specialized projects.

The ramp solution supports API and plugin customization. MasterCard, Visa, Apple Pay, and SEPA are accepted in 173 countries. The ramp serves key regional wallets worldwide, focusing on emerging regions including Southeast Asia and Latin America.