Mastercard Partners with Alchemy Pay to Boost Security and Fight Fraud

Mastercard has integrated its account opening API with Alchemy Pay, enhancing security and risk control features for Alchemy Pay’s On & Off-ramp solutions, NFT Checkout, and Crypto Card Solution.

This collaboration aims to tackle identity fraud and other malicious activities by using advanced machine learning to detect and authenticate genuine users, significantly reducing fraudulent activities.

Alchemy Pay, a Singapore-based crypto payment gateway, connects crypto with traditional fiat currencies. The integration with Mastercard allows Alchemy Pay to identify users based on their risk levels and guide them through appropriate workflows, offering customers increased protection against identity fraud.

Since its inception in 2017, Alchemy Pay has grown significantly, obtaining Authorized Payment Institution licenses in multiple countries and expanding its network to over 300 payment channels in 173 countries.

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It supports 50 fiat currencies and a range of global payment methods. In April 2023, Alchemy Pay secured a $10 million investment from DWF Labs at a $400 million valuation.

Additionally, Mastercard partnered with major US banks to develop distributed ledger technology for banking payments, further enhancing cross-border payment efficiency and reducing fraud risks.

Alexander Stefanov