Singapore-based payments and card issuer Nium and cryptocurrency portal Alchemy Pay (ACH) have forged a partnership to amplify the company’s global reach.
The two companies announced their collaboration in a press release on Monday (January 10), saying it “represents a major advance for Alchemy Pay,” which can now pay customers at significantly lower costs in more than 190 countries.
“NIUM allows us to offer acceptance of cryptocurrencies and fiat at more competitive rates and take advantage of lucrative new markets where we know there is serious demand,” said John Tan, CEO of ACH. “This is a huge step forward for us – our network now has greater and more attractive global coverage than ever before.”
Running on the Ethereum blockchain, ACH is best known for its hybrid crypto payment platform, which allows merchants to accept popular cryptocurrencies for online and offline payments “with near-instant conversion to the merchant’s local fiat currency.” This system also helps merchants and businesses accept paper payments through e-wallets and credit cards.
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This marks Nium’s second partnership in the past month. In December, the company said that it is working with Oman Modern Exchange, this project will allow Modern Exchange to use the Nium network to connect with correspondent banks around the world, so that customers can make payments in real time.
“As the country rapidly moves toward a more digital, seamless and transparent system for processing both national and international payments, companies like Modern Exchange Co are embracing digital payments and are looking for trustworthy partners like Nium to help with their global growth strategy,” the two companies said.
Learn more: Alchemy Pay will provide virtual Visa and Crypto MC cards
Last year, Alchemy announced plans to launch “crypto-linked virtual cards,” which it says are designed to accelerate the use of cryptocurrencies in the payments world.
Alchemy Pay virtual cards can be linked to Google Pay, PayPal and other digital wallets and support more than 40 cryptocurrencies. These cards will be accepted by Amazon and eBay as well as millions of other e-commerce merchants that accept Mastercard and Visa transactions.