Alchemy Pay (Alchemy) is a blockchain project founded by a team of seasoned payments professional in the traditional finance space to tackle the inefficiencies of the traditional payment ecosystem such as fraud and human errors during reconciliation and settlement phases as well as a cluttered payment solutions. Alchemy pioneered an all-in-one hybrid fiat and crypto payments system for businesses which can be deployed in any existing mainstream systems, be it offline (POS, payment terminals, mobile devices etc.), online or in-app to accept payments via fiat mobile wallets, cryptocurrencies and credit cards. The hybrid system leverages on smart contracts to automate reconciliation and settlement processes to minimize human errors and eradicate fraud.
Through strategic partnerships with industry leaders such as Shopify, Arcadier and QFPay, Alchemy has access to over 2 million merchants and has deployed its systems across 3000+ touch points including renown brands such as Aldo, Singapore's Iconic Skybar Ce La Vi and Hong Kong mainboard listed Pricerite and many more. In August 2020, Alchemy launched a DeFi platform on its mobile application which will allow users to use it to store crypto assets and make payments, access Alchemy's DeFi services as well as other 3rd party DApps which can be integrated on the platform.