The cryptocurrency marketplace has grown and evolved in a relatively short period of time. We see the integration of more payment solutions providers, including Alchemy Pay. In an important piece of crypto news, Alchemy Pay is entering the Australian market in an important way.
It was announced that Alchemy Pay will be entering the Australian crypto payment market by integrating PayID, a real-time interbank payment system. On top of that, it has officially registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). Let’s learn more about these important developments.
Integration with PayID
In an effort to enter the crypto payment solutions marketplace in Australia, Alchemy Pay offers support for PayID. This move will allow for real-time payments of a crypto-to-fiat manner. It is also a key step in Alchemy Pay’s efforts to expand, particularly within the Australian market.
A payment solutions provider, Alchemy Pay will offer support to the interbank payment system. Through a press release, the company said that this update allows it to “compliantly offer fiat-crypto exchange service within Australia.” Additionally, it believes the integration “enhances its ability to serve Australian users with reduced fees, faster processing times, and higher transaction success rates.”
PayID is already widely adopted as a payment system in Australia. It gives users the ability to receive bank transfers instantly thanks to simple identifiers like email addresses and phone numbers rather than more traditional banking details.
A Broader Global Strategy
Alchemy Pay has its eyes set on more than just integration in Australia. As a matter of fact, it has a broader global strategy as we have already seen. For instance, Alchemy Pay already supports European integrations with Faster Payments, Bancontact, Skrill, BLIK, and SEPA Instant. In Southeast Asia, it allows customers to make crypto payments through local channels like Maya, QRIS, Coins.ph, OVO, GrabPay, Touch’n Go, Thai QR, and Dana.
Given that most major Australian banks already support PayID, it was a natural move for Alchemy Pay. PayID has become a common method for everyday transactions, be they from institutions, businesses, or individuals. The company believes that the integration will pave the way for a “streamlined onboarding process and opens new avenues for Australian crypto projects to drive market expansion.”
Approval from AUSTRAC
An important part of this integration comes with approval and successful registration with AUSTRAC. It is a key step in the process, showing regulatory approval, and giving Alchemy Pay the ability to provide secure, seamless fiat-to-crypto payments for Australians.
Alchemy Pay had this to say in a statement: “Australia is known for its rigorous regulatory framework, which has historically posed challenges for crypto payment providers. The scarcity of compliant services has created barriers to mass crypto adoption.”
With the approval, listed as a Digital Currency Exchange Provider under AUSTRAC, Alchemy Pay is now able to create relationships with local payment facilitators. Even better, they can provide more competitive prices that are more tailored to Aussie users. This regulatory achievement also gives Alchemy Pay’s regional presence a boost while also putting it among major Australian crypto players like Kraken.
A Key Move Toward Growth and Compliance
In its efforts to strengthen its standing as a financial technology provider that can be trusted, the AUSTRAC registration offers a few other strategical, critical advantages to Alchemy Pay.
Operational Integrity. By making a strong effort to adhere to legal frameworks, Alchemy Pay will be able to ensure that it offers uninterrupted services, will be able to strengthen its presence in the market long-term, and mitigate any potential risks of non-compliance. It also supports resilience against regulatory challenges and operational continuity.
Risk Mitigation. Arguably the biggest part of this move is risk mitigation. Alchemy Pay must meet the very stringent counter-terrorism financing (CTF) and anti-money laundering (AML) compliance requirements set forth by AUSTRAC. This ultimately minimizes any inherent risks when it comes to illicit financial activities.
Unlocking Market Potential. By meeting strict guidelines set forth by AUSTRAC, Alchemy Pay will no doubt unlock new opportunities. By expanding its services, Alchemy Pay will be able to connect more users to the global crypto market.
Earning Stakeholder Trust. Alchemy Pay understands that it needs to build trust with stakeholders. In order to do this, it is showing a strong commitment to legal compliance. This helps to strengthen company credibility in the eyes of industry partners, regulators, and consumers.
Adhering to Regulatory Requirements. Above all else, registering with AUSTRAC ensures that Alchemy Pay adheres to strict compliance requirements with Australian CTF and AML regulations, reinforcing accountability and transparency.
When asked, Ailona Tsik, the CMO of Alchemy Pay, said “Our mission is to build a robust and compliant infrastructure that connects the traditional financial system with the decentralized crypto economy. We’re excited to bring our services directly to Australian users, committing to regulatory engagement for legal compliance, stakeholder trust-building, and effective risk management in Australia.”
How is Alchemy Pay Used?
As a hybrid fiat-crypto payment gateway, Alchemy Pay is able to combine offline and online payment terminals, advanced DeFi features, and smart contract programmable cryptocurrency. Let’s break down how it works:
Offline Terminal. Through the use of an offline terminal, merchants are able to take crypto payments even without an internet connection. These offline terminals are exclusive to the Alchemy Pay network.
Staking. Alchemy Pay users can also stake ACH tokens in order to secure rewards. This is a low-risk feature capable of delivering constant rewards for those already holding the native ACH token.
Merchant Adoption. The crypto market, as a whole, is seeking merchant adoption. By using the Alchemy Pay Dapp, merchants are able to take advantage of any smart device in order to save on startup costs. The Dapp has a smooth, intuitive interface that makes it possible to access all of Alchemy Pays’ features.
ACH Tokens. In order to interact with the Alchemy Pay system, users must hold ACH tokens. Once acquired, these tokens are able to be traded, pledged, staked, rewarded, used for currency, and used to pay fees. ACH tokens are ERC-20 compatible and also live, hosted on the Ethereum blockchain.
Global Reach. Perhaps the most important aspect of this integration is its potential for global reach. Alchemy Pay now supports fiat-crypto purchases from a whopping 173 countries. It uses methods like Mastercard, Visa, domestic transfers, and regional mobile wallets. Alchemy Pay is currently available in more than 70 countries, and it is capable of converting crypto into more than 300 fiat channels directly at the point of sale. That kind of global integration puts Alchemy Pay at the forefront of cryptocurrency payment solutions.
Final Thoughts
At the end of the day, this is a major milestone for Alchemy Pay. As it continues to expand its global reach, entering the burgeoning Australian marketplace gives it another important foothold. Customers using Alchemy Pay also have peace of mind knowing that the company is adhering to strict guidelines from AUSTRAC, ensuring more secure transactions in the process.
