Alchemy, a payments and technology service provider announced recently that it is launching a hybrid payment solution to connect cryptocurrency with retailers worldwide.
It will be integrated with Qfpay, a well known third-party payment company providing payment services for more than 1.2 million affiliated merchants.
Bitcoin Cash Popularity in Asia
Alchemy’s point-of-sale (PoS) has been implemented in Japan, Singapore, and Hong Kong so far.
It hopes to cover retailers throughout Asia and Europe. The payment provider includes 30 digital assets including bitcoin cash (BCH).
The company made the announcement that the digital payments will be settled in local fiat to mitigate crypto volatility.
Now you can spend #BitcoinCash in Singapore and Hong Kong. Thanks to the service provided by @AlchemyGPS (ACH), thousands of merchants are accepting #BCH payments. Next, they're onboarding businesses in the Dubai Mall as well. Wow, more BCH cities are being built! 😍 #BCHcity pic.twitter.com/U9NLpEH0ii — Bitcoin Cash City Conference (@BitcoinCashCity) October 7, 2019
The firm plans to expand over the next few years to Thailand, Australia, New Zealand, Canada, France, Germany, Italy, Turkey, the UAE, South Korea, and the Philippines.
Alchemy is attempting to make headway in the Middle East, specifically in Dubai. “Currently, businesses in most parts of Dubai are able to be paid by Qfpay’s POS or QR code,” Alchemy’s press release details. “Besides, the technology of Burj Khalifa’s ticket payment is also provided by Qfpay.”
“This is a game-changer for the global cryptocurrency market as it propels cryptocurrencies towards truly becoming a global currency. It creates real-life use cases for cryptocurrencies as crypto holders can now spend their cryptocurrencies to purchase goods and services in addition to their investment functions,” said Patrick Ngan, co-founder, and CEO of Alchemy.
“We will continue to integrate new and popular cryptocurrencies such as Facebook’s Libra to drive usage and liquidity for cryptocurrencies.”
Take a look at the video which showcases a crypto transaction using Alchemy solutions in Singapore for transportation services! pic.twitter.com/CPiifHY4NV — Alchemy (@AlchemyGPS) September 24, 2019
Financial Revolution Through Cryptocurrencies
The main objective of the company is helping countries in need of crypto payment services.
Alchemy believes digital currencies can improve economic development and social welfare worldwide.
“In addition to the emphasis on the vast market of cryptocurrency, using cryptocurrency as payment is also an important solution for rebuilding the monetary and financial systems of many countries and realizing the upgrading of national industries and financial services,” Alchemy insists. The payments and technology provider’s merchant integration announcement concluded by adding:
The financial revolution caused by cryptocurrency has opened many countries’ doors and accelerated the application deployment of cryptocurrency.