Global payments giant Mastercard has partnered with blockchain company Alchemy Pay to reduce fraudulent activity and fight identity theft.
Alchemy Pay, a payment gateway that converts fiat currency to cryptocurrency, has partnered with Mastercard to improve customer verification and avoid fraud throughout the application process.
The Singapore-based cryptocurrency company stated in a blog post on July 11 that it would be able to incorporate Mastercard’s sophisticated machine learning account opening solution as a result of the partnership, enabling it to identify and verify “genuine users” while thwarting fraudulent activity. Alchemy Pay:
“In partnership with Mastercard, Alchemy Pay can identify users based on their risk levels and guide them through corresponding workflows.”
Alchemy Pay was established in 2017 and now holds licenses as an Authorized Payment Institution in the US, Canada, Lithuania, and Indonesia. The business just obtained a license in the UK, demonstrating its proficiency in cryptocurrency payments.
At a $400 million valuation, market maker DWF Labs invested $10 million in the company in April 2023. Alchemy Pay supports a number of different cards, including Mastercard and Visa. More than 300 payment methods, such as conventional credit cards and mobile wallets, are supported by Alchemy Pay.
Mastercard collaborated with major American banks to create distributed ledger technology for tokenized financial payments at the beginning of May. The Regulated Settlement Network (RSN), a shared ledger system, is being tested as part of this program, which aims to improve cross-border payment efficiency while lowering fraud risks and errors.