Fiat-Crypto Payment Firm Alchemy Pay Adds BINs for Crypto Card

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Sujha Sundararajan

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Sujha Sundararajan

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Last updated: 

January 9, 2024

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Alchemy Pay, a Singapore-based crypto payment gateway has added new Bank Identification Numbers (BINs) for its crypto card. The feature will be available for users in Hong Kong.

According to a Tuesday release, the new BIN will start with the first 6 digits – “515783,” facilitating transactions with various merchant sites and apps including Aliexpress, Netflix, Twitter, Facebook and Apple Store.

Further, users can benefit and apply this card with Alchemy Pay’s mini app Crypto Card on Binance Marketplace, it added.

The BIN number allows merchants to accept multiple forms of payment and allows transactions to be processed faster. It can also help banks to detect fraudulent or stolen cards, thus preventing identity theft.

“Adding new card BINs would enhance the capabilities of crypto cards, enabling support for a broader range of payment situations and improving transaction success rates,” the release noted.

Alchemy Applies for VASP License in Hong Kong

Additionally, the crypto payment platform is already in the process of applying for a Money Service Operator (MSO) license and Virtual Asset Service Providers (VASP) in Hong Kong.

Alchemy Pay has partnered with ZD Group in sharing the mandatory Type 1, 4, and 9 Financial Services Licenses granted by Hong Kong’s Securities and Futures Commission (SFC). These licenses are essential for conducting financial investment activities in Hong Kong.

Alchemy Pay carried out a month-long cryptocurrency public service announcement advertising campaign in Hong Kong during the Web3 Blockchain Week, held early this year.

The firm encourages locals to access their crypto assets through popular payment options such as Visa, Mastercard, Apple Pay, and Google Pay.

Additionally, it has also integrated with major exchanges like OKX and Bitget, allowing Hong Kong users to trade securely utilizing Alchemy Pay’s ramp services.