Alchemy Pay (ACH)

Payment Gateway

Alchemy Pay enables businesses to accept both crypto and fiat payments easily. It supports over 50 fiat currencies, 100+ cryptocurrencies, and operates in 173 countries. Merchants, including more than 2,000 e-commerce platforms, use it to offer customers flexible payment options with lower fees than traditional processors.

Cross-Border Remittance

Users can send ACH tokens across borders, which recipients can redeem for local fiat currency through Alchemy Pay’s network of regional partners, simplifying international money transfers.

Recurring Payments

Alchemy Pay supports subscription-based payments where customers authorize automatic ACH token debits, reducing manual transaction steps and chargeback risks.

Developer Integration

Developers can integrate Alchemy Pay’s payment channels, APIs, and SaaS solutions into their applications to enable seamless crypto and fiat transactions.

Token Utility

The ACH token is used to pay fees on the network, earn rewards for purchases, and will serve as the gas token for Alchemy Pay’s upcoming blockchain, Alchemy Chain, which focuses on fast, low-cost stablecoin payments.

Fiat On-Ramps

Alchemy Pay provides fiat on-ramp services allowing users to buy crypto with credit cards and other familiar payment methods, partnering with major platforms like Binance, Shopify, and MEXC Global.

NFT Payments

The platform also offers an NFT Checkout service, enabling customers to purchase NFTs easily using a wide range of payment options globally.

Pros

• Alchemy Pay allows users to spend crypto like BTC or ETH anywhere debit cards are accepted by instantly converting crypto to fiat at checkout, making payments smooth and familiar for merchants.
• It supports over 70 countries and 300+ payment channels, reaching millions of merchants globally.
• The platform offers easy integration for businesses with minimal engineering needed, opening access to a global crypto customer base.
• It provides on- and off-ramps to buy crypto with traditional money and convert crypto back to fiat easily.
• The ACH token is used for fees, incentives, and network access, adding utility within the ecosystem.
• Alchemy Pay supports virtual crypto cards compatible with Google Pay, Apple Pay, and Samsung Pay for contactless payments in over 170 countries.
• The system processes transactions quickly using blockchain technology and advanced anti-fraud measures.
• It has strong partnerships with major companies like Visa, Mastercard, Binance Pay, Shopify, Polygon, and Arbitrum.
• Fees are lower compared to traditional payment gateways, and users earn ACH tokens as rewards for transactions.

Cons

• Some users have reported account blocks without clear reasons after several transactions.
• There are a few regional restrictions on the virtual card availability.
• The ACH token supply is still increasing, which may affect its value.
• Some skepticism exists about Alchemy Pay’s ability to compete with established payment industry players.
• A few users feel the project information is not always clear or detailed enough.

Founders of Alchemy Pay

The founder of Alchemy Pay is Shawn Shi.

Investors in Alchemy Pay

Alchemy Pay has raised a total of $10 million in funding. There are 11 institutional investors involved. Some of the known investors include DWF Labs, Northbund Capital (Hong Kong), Oak Grove Ventures, Bitrise Capital, and CGV FoF. DWF Labs led the latest Series A funding round in April 2023.

Halal Status

Alchemy Pay is considered halal and Shariah-compliant by a community of Muslim crypto traders and investors. The platform operates as a decentralized payment system bridging cryptocurrencies and fiat currencies, which aligns with halal principles. However, the staking aspect of Alchemy Pay requires further review.