It has been reported that the new cards can be linked to Google Pay and PayPal digital wallets and make payments across the Mastercard and Visa networks, as well as popular e-commerce platforms such as Amazon and eBay.
However, Alchemy Pay has already completed the product’s development and launched beta testing in multiple key markets. The firm expects to proceed with a full roll-out of the new product at the end of 2021 or early 2022.
Alchemy Pay said that the new initiative has been launched in response to the growing demand for crypto-linked card transactions, allowing crypto businesses to offer a full range of services as well as to help traditional institutions integrate crypto-related solutions.
As previously reported, Visa alone processed over $1 billion in total crypto spending in the first half of 2021. The news comes shortly after Alchemy Pay last week partnered with Binance, the world’s largest cryptocurrency exchange by trading volumes. As part of the integration with Alchemy Pay, Binance will unlock crypto payments across merchants of Alchemy Pay’s partners in 18 countries, including e-commerce giant Shopify, software technology company Arcadier, mobile payment provider QFPay, and others.
The report said that the new feature will be available through Binance’s payments application Binance Pay.
Thus, as previously reported, both Visa and Mastercard have been aggressively moving into the cryptocurrency industry over the past year.