SINGAPORE - Media OutReach - 18 September 2019 - Alchemy Global Payment Solutions Limited (Alchemy), a global cryptocurrency payment pioneer, which powers businesses with cryptocurrency payment systems and solutions, has partnered with Singapore-based Arcadier, the world's fastest-growing online marketplace builder, and QFPay, a leading digital fiat payment technology company that serves over 1.2 million merchants across 13 markets in Asia and the Middle East, 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.
"The Alchemy Hybrid Payment Solution 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," stated 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."
The Alchemy Hybrid Payment Solution, which brings together the synergies of blockchain technology and digital payments, has garnered strong interest from industry leaders and cryptocurrency communities alike. Alchemy is currently in discussions with various verticals in both the fiat and cryptocurrency space including crypto exchanges, OTC platforms, cryptocurrency issuers and other crypto wallets to further enhance the capabilities and payment options of Alchemy Hybrid Payment Solution.
"The Alchemy Hybrid Payment Solution provides businesses with an intuitive application and fiat settlement option so they can accept cryptocurrencies just like a regular fiat mobile payment method," says Will Leung, Co-Founder and General Manager of QFPay Hong Kong. "Our recent successful launch across Pricerite's retail chain stores was well received by the general public and crypto community alike. We are heartened by the growing demand for this solution and expect to rollout to more merchants in Hong Kong, Singapore and the rest of Asia in coming months."
Available for online and offline payments, the Alchemy Hybrid Payment Solution is set to make its online debut by partnering with leading online marketplace platform provider Arcadier who will have the hybrid payment option as part of its payment gateway offering to users of its platform. "We are pleased to partner with Alchemy to make available a unique payment proposition, allowing both crypto and mobile payments for eCommerce. The partnership will certainly enhance our payment partner ecosystem." Shared Dinuke Ranasinghe, Co-Founder and CEO of Arcadier Group. "Payments is integral to the success of all eCommerce businesses. Alchemy's Hybrid Payment Solution allows us to remain at the forefront of eCommerce innovations and support our users' ever changing payment needs."
Alchemy and QFPay have already launched the Alchemy Hybrid Payment Solution in Hong Kong with Pricerite -- the leading home furnishing specialist with over 20 retail chain stores, 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, the largest payment solutions provider for transportation professionals in Singapore which serves over 2,500 drivers that provide concierge, tour and transportation services.