Alchemy Pay Added to Mastercard’s Service Provider List

If there’s one thing we’ve learned about the crypto space over the past year, it’s this: trust matters.

After fiascos like FTX, Celsius, and Three Arrows Capital, many people are understandably less likely to blindly trust a crypto company. Perhaps crypto was once the “wild, wild west,” but now the emphasis is on compliance, sound accounting, and the confidence that a business is on the rise. Anarchy is out, order is in.

One way to gain trust is to get verified by a reputable financial institution. For this reason, it is remarkable that Alchemy Pay, a gateway between fiat and crypto, has received the seal of approval, so to speak, from a trusted brand in the financial sector: Mastercard.

Notably, Alchemy Pay has been approved and added to Mastercard’s list of SDP-compliant registered service providers. SDP stands for “Site Data Protection” and means to keep customer data safe and secure. This list of providers is packed with other well-known names in the payments space, including Amazon, Google, and JP Morgan. Each of these Mastercard customers is required to comply with Mastercard’s rules and standards. Translation? This gives customers peace of mind that the company is reputable.

“Our inclusion in the Mastercard SDP program demonstrates our commitment to operating within the confines of the regulatory framework,” said Robert McCracken, Ecosystem Lead of Alchemy Pay. “Ultimately, however, it is the consumer who benefits from seamless access to blockchain finance via global payment standards like Mastercard.”

Earlier this year, Alchemy Pay was listed as a payment processor by another blue chipper: Visa. This is in line with Alchemy Pay’s mission to be a gateway or bridge that facilitates transactions between fiat and cryptocurrency. Visa and Mastercard are the cornerstones of the fiat world, so working with them makes entry and exit smoother.

And that mission is now global. “Mastercard has been a key component in the success of our global payments network and we are now more global than ever,” said McCracken. Alchemy Pay allows Visa and Mastercard cardholders to use fiat currency to purchase cryptocurrencies in 173 countries. This isn’t a tiny market, as Visa has about 3.9 billion cardholders, while Mastercard has 1.55 billion worldwide. Suddenly, it’s easier for the average person around the world to use cryptocurrencies – even if they don’t live in a wealthier country.

Basically, the goals of Alchemy Pay are pretty simple: to connect crypto to everyday people, simplify its use, and eliminate the hassles of exchanging fiat currencies for Bitcoin, other cryptocurrencies, or even NFTs. Because even after NFTs have gone mainstream — shaped by celebrities like Paris Hilton, Eminem, and Tom Brady — they might still be difficult to buy. To solve these problems, Alchemy Pay has improved its on-ramp and off-ramp solutions and introduced NFT Checkout, which means you can use Mastercard to purchase an NFT.

With Alchemy Pay you can buy cryptocurrencies or NFTs with just one click, just like you would buy anything else. Of course, this is only possible because you know that the company has been verified, complies with all laws and regulations, and is safe to do business with. In other words, you can achieve it because of one simple concept: trust.

The story is also featured on Coindesk.