Alchemy Pay expands Australian presence with PayID integration

By Gloria Methri

Alchemy Pay, a global provider of crypto payment solutions, has expanded its footprint in Australia by integrating PayID, a widely adopted real-time interbank payment system, into its network. This development follows the company’s successful registration as a Digital Currency Exchange Provider (DCEP) with AUSTRAC, Australia’s financial intelligence agency, enabling it to offer fiat-to-crypto exchange services in the country in a compliant manner.

This regulatory milestone affirms Alchemy Pay’s adherence to Australia’s stringent compliance standards while also enhancing the company’s ability to deliver lower fees, faster processing times, and higher transaction success rates for local users.

PayID has become a cornerstone of domestic payments in Australia, offering users real-time, streamlined transactions. By adding PayID to its list of supported local payment methods, Alchemy Pay enables Australian users to convert Australian dollars (AUD) into digital assets with greater ease and speed. The integration streamlines onboarding processes and unlocks new channels for local crypto projects seeking to scale.

Operating in a market characterised by its rigorous regulatory environment, Alchemy Pay’s entry represents a significant step forward in addressing the gap in compliant cryptocurrency payment services. As one of the first crypto payment providers to receive AUSTRAC approval, the company reinforced its commitment to building a secure and scalable payment infrastructure tailored to the needs of Australian users and businesses.

Beyond Australia, Alchemy Pay has established an extensive global network of local payment methods. In Europe, it supports BLIK, Bancontact, Skrill, SEPA Instant, and Faster Payments. Across Southeast Asia, the platform integrates with popular payment services, including Dana, OVO, and QRIS in Indonesia, Maya, and Coins.GrabPay, GCash in the Philippines, Thai QR in Thailand, and Touch ‘n Go in Malaysia.

With the support of PayID and formal AUSTRAC registration, Alchemy Pay aims to drive the adoption of compliant, efficient, and user-friendly crypto payment solutions in Australia, contributing to the development of a more inclusive digital economy.