Visa Lists Alchemy Pay as Official Service Provider

The Alchemy Pay team is pleased to announce that Visa has listed Alchemy Pay as an Official Service Provider.

Alchemy Pay has been “added as part of Visa’s Third Party Agent (TPA) Program and can be found listed as Alchemy GPS here.” This is “a significant sign of progress for our On & Off Ramp and recently launched NFT Checkout service.”

As a payment gateway that facilitates transactions between traditional fiat currency and cryptocurrency “it is advantageous to have strong and direct relationships with all major payment institutions.”

Acting as the connecting ‘bridge’ between traditional finance and cryptocurrency, Alchemy Pay is currently able “to process fiat payments to purchase cryptocurrencies for Visa cardholders in 173 countries.”

Visa’s global network “facilitates digital payments across more than 200 countries and territories among a set of consumers, merchants, financial institutions, businesses, strategic partners and government entities.”

There are “currently 3.9B Visa card holders worldwide.”

Alchemy Pay is now “registered to conduct merchant solicitation, sales, customer service, merchant transaction solicitation or merchant training activities.”

Alchemy Pay can now also “act on behalf of a client for merchant solicitation and sales.”

A TPA is “a type of agent, not directly connected to VisaNet, that provides payment-related services, directly or indirectly, to a Visa client and/or stores, processes or transmits Visa cardholder data.”

The terms agent, gateway, service provider, third party processor “are all various terms for third party agents.”

The Third Party Agent Registration Program is “a Visa-mandated program established to ensure that Visa clients comply with the Visa Rules, Payment Card Industry Data Security Standard (PCI DSS) and other applicable security standards regarding their use of Third Party Agents.”

Agent registration is “required for all entities providing solicitation activities, managed services and/or storing, processing or transmitting Visa cardholder data for Visa clients (or on behalf of their merchants or agents).”

Visa clients are “required to perform due diligence reviews to ensure that they understand the agent’s business model, financial condition, background and PCI DSS compliance status.”

As noted in the update, Alchemy Pay’s On & Off Ramp has been “integrated by crypto platforms and dApps such as DEXs, CEXs, crypto wallets, NFT Marketplaces, play-to-earn gaming, DeFi protocols, and specialist projects.”

The ramp solution is “fully customisable and is integrated with full support via API and/or plugin.”

It supports Mastercard, Visa, and Apple Pay “in 173 countries, as well as large scale banking systems such as SEPA in Europe.”

Beyond global and continental methods, the ramp “supports major regional wallets across the globe with a particular focus on emerging markets such as Southeast Asia and Latin America.”

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