Alchemy Pay, a global leader in cryptocurrency payment solutions, has expanded its payment services in the United Arab Emirates (UAE) with its On-Ramp service. By integrating PayBy and BOTIM Pay support, it now allows users to seamlessly perform transactions and easily purchase cryptocurrencies using the UAE’s local currency, AED, via these popular payment methods. This development offers UAE users an improved and straightforward way to buy crypto, featuring higher transaction success rates and lower costs.
Within Alchemy Pay’s On-Ramp service, PayBy and BOTIM Pay offer transaction limits ranging from 10 to 10,000 AED. For orders valued at less than 500 USD (approximately 1,800 AED), KYC verification is not needed. This latest update highlights Alchemy Pay’s commitment to enhancing its payment solutions continuously, aiming to boost user satisfaction and increase the availability of its services.
In collaboration with the UAE’s premier financial institution, First Abu Dhabi Bank (FAB), PayBy has emerged as a leading mobile payment service provider in the region. It delivers a wide array of omnichannel payment solutions, making it a preferred option for renowned brands by offering secure, user-focused digital payment services.
BOTIM, recognized as the UAE’s premier and singular ultra platform, facilitates straightforward local and international money transfers for its users through the BOTIM Pay wallet, in addition to providing a variety of financial services. In 2023, BOTIM achieved a remarkable milestone, processing transactions exceeding AED 1.30 billion within a span of just four months through its financial technology division, PayBy.
Fostering Crypto Adoption
Established in Singapore in 2017, Alchemy Pay bridges the gap between cryptocurrency and traditional fiat money for businesses, developers, and consumers. It offers a comprehensive suite of services including On & Off-Ramp solutions, NFT Checkout, Crypto Card services, and Crypto Payments, facilitating transactions in 173 countries.
The platform serves as a holistic solution for purchasing and selling both crypto and fiat, allowing easy integration for platforms and decentralized applications (dApps) based on their needs. Its NFT Checkout feature enables straightforward acquisition of NFTs through fiat payment options. Through its Crypto Card service, Alchemy Pay enables businesses and token providers to offer their users branded virtual and physical cards, making global spending instantaneous.
With its significant payment volume, Alchemy Pay is ideally situated to augment convenience for both users and businesses by facilitating cryptocurrency purchases via these widely adopted payment methods. Currently, Alchemy Pay boasts comprehensive collaborations with esteemed payment processors, local e-wallets, and national bank transfer systems, creating a vast payment infrastructure spanning 173 countries. This infrastructure offers access to an extensive array of more than 300 fiat payment options.
Taking advantage of these enhanced payment features, Visa and Mastercard have officially recognized Alchemy Pay as a third-party payment service provider. Showcasing a dedicated adherence to regulatory standards, Alchemy Pay has actively acquired several licenses across different countries and regions, including, among others, the United States, Canada, Indonesia, and Lithuania.
As Alchemy Pay expands its payment networks, enhances its payment functionalities, and refines its user interfaces, it remains committed to streamlining the onboarding experience and promoting the broad adoption of cryptocurrencies. This commitment helps bridge the gap between the general public and the burgeoning crypto market, enhancing access and engagement for individuals worldwide.
