Cryptocurrency Payment Provider Alchemy Pay Adds Support for Malaysian Fiat Currency

04/10/2023 11:23 • Metaverse & Beyond • 89 views

On April 10th, it was announced that cryptocurrency payment provider Alchemy Pay has added support for local Malaysian fiat currency payments, including bank transfers, QR code payments, Boost electronic wallets, and other methods to purchase cryptocurrency.

Alchemy Pay added support for local Malaysian fiat payments

Introduction

On April 10, 2021, Alchemy Pay, a major cryptocurrency payment provider, announced that they had added support for local Malaysian fiat currency payments. This includes bank transfers, QR code payments, Boost electronic wallets, and other payment methods to purchase cryptocurrency. This move is expected to drive significant growth in the adoption and use of digital assets in Malaysia.

Overview of Alchemy Pay

Alchemy Pay is a global cryptocurrency payment company that provides secure, non-custodial payment solutions for businesses of all sizes. Alchemy Pay supports over 300 fiat and cryptocurrency wallets, and accepts payments from more than 65 million merchants worldwide. The platform’s flexible API solutions enable merchants to accept and process cryptocurrency payments quickly and easily, without needing specialized technical expertise.

The Growth of Cryptocurrency in Malaysia

Malaysia is a rapidly growing market for cryptocurrency, as more and more people in the country are turning to digital assets as a way to store and transfer money. The country’s regulators have taken a cautious approach to cryptocurrency, but have recognized the potential that crypto holds for the economy. In 2019, the central bank of Malaysia issued guidelines for digital asset exchanges operating in the country, paving the way for more widespread adoption.

What This Means for Malaysian Consumers

The addition of local Malaysian fiat currency support by Alchemy Pay means that consumers in Malaysia can now easily buy and sell cryptocurrency using their local currency. This eliminates the need for consumers to convert their currency to a foreign currency, which can be expensive and time-consuming. The integration with Boost electronic wallets also makes it easier for Malaysians to use digital assets for everyday transactions, such as buying groceries or paying for utilities.

Benefits for Merchants in Malaysia

Merchants in Malaysia can now accept cryptocurrency payments directly into their bank accounts, making it easier and more cost-effective for them to sell their products and services to customers anywhere in the world. Alchemy Pay’s system will automatically convert the cryptocurrency payment into Malaysian Ringgit, and the funds will be deposited into the merchant’s bank account within 24 hours.

Security Features of Alchemy Pay

Alchemy Pay’s payment platform is highly secure and conforms to global payment security standards. The platform uses bank-level encryption to ensure transactions are safe and secure. Additionally, users are required to use two-factor authentication (2FA) to log in to their accounts, adding an extra layer of security.

Conclusion

The addition of local Malaysian fiat currency support by Alchemy Pay is a significant step forward in the adoption and use of digital assets in Malaysia. The integration of local payment methods will make it easier and more convenient for consumers to buy and sell cryptocurrency, while merchants will benefit from the reduced costs and increased security of accepting crypto payments directly.

FAQs

Q: Can merchants outside of Malaysia use Alchemy Pay?

A: Yes, Alchemy Pay is a global payment solution, and it supports over 65 million merchants worldwide.

Q: What cryptocurrencies can be used with Alchemy Pay’s platform?

A: Alchemy Pay supports over 300 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.

Q: How long does it take for funds to be deposited into a merchant’s bank account?

A: Funds are usually deposited into a merchant’s bank account within 24 hours.

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