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Bitcoin Cash Acceptance Grows in Southeast Asia via Alchemy’s PoS System
The payments and technology provider Alchemy recently announced the launch of the startup’s hybrid payment solution, a platform that aims to connect cryptocurrency with retailers worldwide. Alchemy’s crypto solution features integration with Qfpay, a well known third-party payment company that provides payment services for more than 1.2 million affiliated merchants. So far the starting point of Alchemy’s point-of-sale (PoS) solution has been implemented throughout Japan, Singapore, and Hong Kong.
There’s a new cryptocurrency PoS solution that hopes to cover a lot of retailers throughout Asia and Europe. Alchemy is a payment provider that allows people to pay with more than 30 digital assets including bitcoin cash (BCH). The company’s recently published announcement explains that the digital assets used for payments will be settled in local fiat in order to mitigate crypto volatility. Just recently, the @Bitcoincashcity Twitter account shared a video clip of someone making a purchase using BCH with the Alchemy PoS system.
Now you can spend #BitcoinCash in Singapore and Hong Kong. Thanks to the service provided by @AlchemyGPS (ACH), thousands of merchants are accepting #BCH payments. Next, they're onboarding businesses in the Dubai Mall as well. Wow, more BCH cities are being built! 😍 #BCHcity pic.twitter.com/U9NLpEH0ii
— Bitcoin Cash City Conference (@BitcoinCashCity) October 7, 2019
According to Alchemy, the startup’s hybrid payment solution is currently available in Singapore, Japan, and Hong Kong alongside specific Midwest Global Asia and Pricerite locations. The announcement reveals that Alchemy has partnered with the payment company Qfpay which has 1.2 million affiliated merchants worldwide. Over the next few years, the firm says that it will extend to Thailand, Australia, New Zealand, Canada, France, Germany, Italy, Turkey, the UAE, South Korea, and the Philippines.
Cryptocurrencies Will Help Rebuild the Monetary and Financial Systems
Moreover, like the @Bitcoincashcity Twitter account’s tweet mentioned, Alchemy is attempting to make headway in the Middle East, specifically in Dubai. “Currently, businesses in most parts of Dubai are able to be paid by Qfpay’s POS or QR code,” Alchemy’s press release details. “Besides, the technology of Burj Khalifa’s ticket payment is also provided by Qfpay.”
“[This] is a game-changer for the global cryptocurrency market as it propels cryptocurrencies towards truly becoming a global currency. It creates real-life use cases for cryptocurrencies as crypto holders can now spend their cryptocurrencies to purchase goods and services in addition to their investment functions,” said Patrick Ngan, cofounder, and CEO of Alchemy. “We will continue to integrate new and popular cryptocurrencies such as Facebook’s Libra to drive usage and liquidity for cryptocurrencies.”
Take a look at the video which showcases a crypto transaction using Alchemy solutions in Singapore for transportation services! pic.twitter.com/CPiifHY4NV
— Alchemy (@AlchemyGPS) September 24, 2019
The startup says the company’s main objective is to focus on helping countries in need of payment services that leverage cryptocurrencies. Alchemy believes digital currencies can improve economic development and social welfare worldwide. “In addition to the emphasis on the vast market of cryptocurrency, using cryptocurrency as payment is also an important solution for rebuilding the monetary and financial systems of many countries and realizing the upgrading of national industries and financial services,” Alchemy insists. The payments and technology provider’s merchant integration announcement concluded by adding:
The financial revolution caused by cryptocurrency has opened many countries’ doors and accelerated the application deployment of cryptocurrency.
What do you think about Alchemy’s PoS solution allowing people to pay with cryptocurrencies like bitcoin cash (BCH) in Hong Kong, Japan, and Singapore? Let us know what you think about this subject in the comments section below.
Disclaimer: This article is for informational purposes only. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Image credits: Shutterstock, Alchemy, Twitter, and Pixabay.
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