Zinger Key Points
- Two new options – SEPA Instant and Faster Payments – have been introduced by Alchemy in Europe and the U.K.
- With a major presence in Southeast Asia, Alchemy Pay currently offers services to 300 fiat payment channels in 173 countries.
Crypto payment solutions provider, Alchemy Pay announced the expansion of payment options in the Europe and U.K. regions.
What Happened: The newly introduced payment options are - the Euro Instant solution, SEPA Instant, and the U.K. fast e-money transfer solution, Faster Payments. These will enhance its On-Ramp service, enabling users to execute transfers smoothly and purchase cryptocurrencies within a short period.
While SEPA Instant enables European Alchemy Pay customers to purchase up to $5,460 in cryptocurrency, Faster Payments has a transfer limit of up to $6,320. After completing Know Your Customer checks, the two new channels will be accessible to users in 30 European countries and the U.K.
Why Does It Matter: Faster Payments is likely to experience a significant expansion in the upcoming decade with more than 5.7 billion in remote banking payments being processed by 2031. SEPA Instant has played a key role in facilitating daily transactions with an average daily value of 2 billion Euros in the past five months.
Currently, Alchemy Pay has opened doors for 300 fiat payment channels in 173 countries, particularly in Southeast Asia. It is seeking to expand its payment services across the globe through the addition of new licenses in the U.S., including the states of Iowa and Arkansas.
In February 2023, Alchemy Pay grabbed licenses in operating markets like Indonesia and Lithuania.
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