Alchemy Pay now supports PayID, enabling users to make cryptocurrency transactions to Australian bank accounts.
Alchemy Pay Makes Debut in Australia's Crypto Payment Market
Crypto payment solutions provider Alchemy Pay has entered the Australian market, integrating the popular real-time payment system PayID. This move marks a significant step in the company's AUSTRAC-approved expansion, offering Australian users and businesses a streamlined experience for crypto-to-fiat transactions.
Alchemy Pay announced the latest update in its press release this week, stating it would "offer a compliant fiat-crypto exchange service within Australia." The integration, according to the company, enhances the capability to serve Australian users with reduced fees, faster processing times, and higher transaction success rates.
PayID is a widely adopted payment method in Australia, allowing users to instantaneously receive bank transfers using simple identifiers such as phone numbers or email addresses rather than traditional bank account details. The integration with PayID sets the stage for a simplified onboarding process and opens new avenues for Australian crypto projects to foster market growth.
The update comes after Alchemy Pay's successful registration with AUSTRAC, the Australian government financial intelligence agency, as a Digital Currency Exchange Provider. Compliance with AUSTRAC regulations is crucial for any crypto payment provider operating in Australia, but specific details regarding Alchemy Pay's registration are not explicitly mentioned in recent reports.
Alchemy Pay's expansion into Australia is a component of its broader global strategy. In Europe, the company supports integrations with various payment platforms, and in Southeast Asia, it enables crypto payments through local channels.
A majority of Australian banks support PayID, making it a standard method for everyday transactions between individuals, businesses, and institutions. According to Alchemy Pay, the PayID integration paves the way for wider adoption and increased convenience in the Australian crypto market.
References:[1] Alchemy Pay Press Release (May 2025)[2] Alchemy Pay Australia Entry (May 2025)[3] PayID Payment System (Official Website)[4] AUSTRAC (Official Website)
- Alchemy Pay's integration with PayID, a popular Australian real-time payment system, is anticipating a simplified onboarding process for crypto projects, aiding in the fostering of market growth.
- In its press release this week, Alchemy Pay declared its intent to offer a compliant fiat-crypto exchange service within Australia, following its successful registration with AUSTRAC, the Australian government financial intelligence agency.
- The Australian crypto market may witness wider adoption and increased convenience due to Alchemy Pay's move to integrate PayID, which is supported by a majority of Australian banks for everyday transactions.
- As part of its global strategy, Alchemy Pay is not only expanding into the Australian market but also supports integrations with various payment platforms in Europe and enables crypto payments through local channels in Southeast Asia.
