Alchemy Global Payment Solutions Limited (Alchemy), a global cryptocurrency payment systems provider, has partnered with Singapore-based Arcadier, an online marketplace builder, and QFPay, a digital fiat payment technology company, to launch Asia’s first hybrid crypto and fiat payment solution (Alchemy Hybrid Payment Solution).
The Alchemy Hybrid Payment Solution, which can be conveniently installed as an application on smartphones, tablets and point-of-sales terminals, is aimed at helping merchants accept payments from leading fiat digital wallets in Asia such as Alipay, WeChat Pay, Rabbit LinePay etc. and over 30 popular cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Gemini Dollar and Tether. Merchants using the Alchemy Hybrid Payment Solution will be settled in the local fiat currency of choice with no settlement risk, for example, SGD in Singapore, HKD in Hong Kong.
According to Patrick Ngan, Co-Founder and CEO of Alchemy, the app broadens the use of cryptocurrencies “to purchase goods and services in addition to their investment functions.” Currently, the company is in discussions with various verticals in both the fiat and cryptocurrency space to further enhance the capabilities and payment options of Alchemy Hybrid Payment Solution.
Alchemy and QFPay previously launched the Alchemy Hybrid Payment Solution in Hong Kong with Pricerite, a home furnishing specialist, marking Hong Kong’s first local retail chain to accept both fiat and cryptocurrencies. In Singapore, the Alchemy Hybrid Payment Solution was launched with Midwest Global Asia, a payment solutions provider for transportation professionals in Singapore.
The current partnership with Arcadier marks Alchemy Hybrid Payment Solution’s online debut. Arcadier users will have the hybrid payment option as part of its payment gateway offering to users of its platform.
According to Dinuke Ranasinghe, Co-Founder and CEO of Arcadier Group, incorporating the Solution allows Arcadier to “remain at the forefront of eCommerce innovations and support our users’ ever changing payment needs.”