Mastercard partners with Alchemy Pay to further improve security as it steadily expands its reach

Mastercard to address identity fraud and other malicious activities through advanced machine learning techniques. This partnership aims to detect and authenticate genuine users, significantly reducing fraudulent activities in the process.

Alchemy Pay's Growth and Capabilities

Since its establishment in 2017, Alchemy Pay has experienced significant growth. It has obtained Authorized Payment Institution licenses in multiple countries and expanded its network to over 300 payment channels across 173 countries. The platform supports 50 fiat currencies and a wide range of global payment methods. In April 2023, Alchemy Pay secured a $10 million investment from DWF Labs at a $400 million valuation.

Alchemy Pay with Mastercard

The integration with Mastercard enables Alchemy Pay to identify users based on their risk levels and guide them through appropriate workflows. This collaboration offers customers increased protection against identity fraud. Mastercard's advanced machine learning capabilities play a crucial role in this process, helping to authenticate genuine users and reduce fraudulent activities.

Mastercard's influence

Mastercard has been actively involved in enhancing payment security and efficiency. It has partnered with major US banks to develop distributed ledger technology for banking payments, further improving cross-border payment efficiency and reducing fraud risks. Additionally, the Mastercard Partner Program provides global systems integrators, solutions providers, technology partners, and consultants with access to extensive data and technology solutions. This program aims to create new revenue streams and build profitable businesses with financial incentives to accelerate growth.

Mastercard Incorporated (NYSE: MA) is a publicly traded company listed on the New York Stock Exchange, comprising over 25,000 financial institution members. Through its members, Mastercard issues MasterCard® credit cards, debit cards, and the Maestro® debit card brand.

The Mastercard Foundation collaborates with over 100 partners in countries across Africa and in Canada. Together, they have improved the lives of more than 25 million people and their families, showcasing Mastercard's commitment to social impact alongside its technological advancements.

The impact of this cooperation

Alchemy Pay's collaboration with Mastercard highlights a significant step towards enhancing payment security and reducing identity fraud. With Mastercard's advanced machine learning and extensive network, Alchemy Pay is well-positioned to offer robust fraud protection while continuing its global expansion and growth in the fintech sector.