PaymentsAlchemy Pay Powers Shopify With Digital Currency Payments

FTB News Desk FTB News DeskOctober 7, 20204 min

Alchemy Pay (“Alchemy”), a pioneer in hybrid digital and fiat payment solutions, announced it will be providing its hybrid payment system to enable cryptocurrency payments for ecommerce players using Shopify, a $120 billion proprietary eCommerce platform for online stores across 175 countries. Shopify users from countries including UK, US, Singapore, Thailand, Indonesia, Hong Kong and more can now begin to accept nine top digital currencies, namely BTC, ETH, BCH, BNB, BUSD, USDT, GUSD, LTC and ACH – the multifunctional utility token issued by Alchemy.

The hybrid payment system – a solution developed by Alchemy Pay and its partner QFPay, a fiat payments leader with over 1.2 million merchants – is the world’s first all-in-one payment gateway that can conduct both blockchain and fiat payments, including credit cards, PayPal, Alipay, WeChat Pay, Hong Kong’s FPS and other mainstream fiat payment methods. Consumers shopping on Shopify’s partners using their PC browser can pay in digital currencies using any wallet of their choice. Shoppers on mobile app or browser will need to pay via partnered wallets of Alchemy.

To promote the adoption of blockchain payments, Shopify eCommerce stores using the hybrid payment system will not be charged any fees for blockchain transactions until further notice. These fees, when applicable, will be collected in the form of ACH tokens.

The blockchain space has witnessed significant progression in development and adoption in recent years, including world-renowned brands announcing digital currency acceptance at their retail and online stores.

Commenting on the partnership, Shawn Shi, Alchemy Pay’s Head of Product, said, “This partnership effectively put the power of cryptocurrency acceptance in the hands of over a million Shopify eCommerce merchants who serviced over 218 million consumers in 2019. We’re truly excited to see where how far this partnership will propel the cryptocurrency space forward!”

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FTB News Desk

FTB News Desk

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