Alchemy Pay has recently integrated Brazil’s most popular payment system, Pix. This means 116 million Pix users in Brazil are now able to use their local currency (BRL) to buy crypto, cheaply and easily on Alchemy Pay’s OnRamp Solution.
A phone is all you need in order to make a payment using Pix. It is an instant payment method that has been widely adopted in Brazil. It was developed by the Central Bank of Brazil and introduced in 2020. By November 2021, the system had already made more than 6 billion transactions totalling 3.75 trillion BRL (682 billion USD).
For a so-called ‘Alternative Payment Method’ (APM), it is ubiquitous in Brazil. It has become especially vital for smaller, everyday transactions. Pix is now part of the daily lives of consumers, workers, and businesses who have all adopted Pix.
The same can be said of many of the APMs that the Alchemy Pay Ramp Solution supports globally, and particularly in Southeast Asia and Latin America. Across the world mobile wallets are emerging as the payment method of choice. Pix, for example, enables transactions to occur in less than 10 seconds and is available 24/7.
Being based in Singapore, Alchemy Pay has witnessed the explosion in popularity of APMs and we ensure that users are able to buy crypto with them. As well as acquiring Mastercard and Visa payment channels for 173 countries and 50+ currencies, Alchemy Pay’s ramp also supports crypto payments with Binance Pay (70M+ users), domestic transfers throughout emerging markets, and many popular e-wallets around the world. The Alchemy Pay Ramp Solution supports notable e-wallets such as: GCash in the Philippines (60M users); OVO (92M users) & Dana (115M users) in Indonesia; Kakao Pay in Korea (36.5M users) MoMo in Vietnam (23M users); Touch n Go in Malaysia (17.8M users); Paynow in Singapore (4.9M users); as well as EWallet in Brazil, Peru, Chile, Colombia (user figures not confirmed).
Alchemy Pay now provides a payment an easy gateway to buy crypto for all these users. By selecting Pix at the checkout page, users can either scan a QR Code using their smartphones or copy and paste a Pix code into their banking or digital wallet apps. After that, they check the receiver’s information and confirm the action. The same confirmation action applies when buying crypto on the Alchemy Pay Ramp Solution. Users can use the Pix app via almost any payment service provider (PSP) in Brazil, which totals approximately 800 PSPs including financial and payment institutions.