Earlier this month, Asia’s first hybrid mobile payment with fiat and cryptocurrency payment was launched by Alchemy Global Payment Solutions in partnership with Arcadier and QFPay at CÉ LA VI, Singapore.
The hybrid solution allows merchants to accept payments from leading fiat digital wallets in Asia such as Alipay, WeChat Pay, Rabbit LinePay, and so on along with more than 30 popular cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Gemini Dollar and Tether.
Techcryption team had the privilege to interview the Co-Founder and CEO of Alchemy Global Payment Solutions (Alchemy), Patrick Ngan to understand the insights of the hybrid payment solution.
When asked about how the idea of hybrid payment system came up, Patrick said that it is normal for people to pay with fiat or their digital wallet, but what if a tourist who doesn’t have local digital wallet has to pay and he doesn’t have enough fiat? In that case, if he has cryptocurrencies and there is a choice for him to pay with it, it will make things easier for all parties, especially the merchants.
CÉ LA VI was chosen as the first place to launch the hybrid payment system because it has been the most iconic destination and tourists spot in Singapore. Patrick feels honoured that CÉ LA VI, being a prestige brand has selected Alchemy, as it shows their standard and technology is good and capable to provide to them. Moreover, it is not only limited to Singapore, as CÉ LA VI has outlets in Dubai, Hong Kong and Taipei.
We want cryptocurrency to become a global currency. People talk about it but there have not been much use cases and Alchemy creates this use case for the entire cryptocurrency ecosystem. The hybrid payment system provides happiness to businesses and the ecosystem by making cryptocurrency more liquid, as they not only trade but use it as payment mode.
“We want cryptocurrency to become a global currency. People talk about it but there have not been much use cases and Alchemy creates this use case for the entire cryptocurrency ecosystem. The hybrid payment system provides happiness to businesses and the ecosystem by making cryptocurrency more liquid, as they not only trade but use it as payment mode” Patrick explained.
“There are a lot of coins out there. For example, Facebook is talking about Libra, and China talking about its own digital currency, when we have what Alchemy does, anyone can buy Libra and spend it in Asia. That is how Alchemy benefits the ecosystem” he added.
Although it will not be an overnight change where people will be using crypto as a payment mode, Alchemy’s initiative will surely provide the acceptance that consumers can now pay using their crypto. Eventually, this will lead many people to adopt cryptocurrency.
Another interesting feature about Alchemy’s hybrid payment system is that merchants don’t get settlement amount in cryptocurrency but their local currency. In other words, there will be more adoption from businesses’ side as there is no risk for them.
When more merchants are offering to accept crypto as a payment mode, people will be more aware of it and get hands-on into it. Imagine if you can pay for a taxi or book your next flight using cryptocurrency, the adoption will definitely grow.
Patrick personally feels that stablecoins will be the next mainstream coins because that will be more cross-border and less volatile. “I think over the year or two, stablecoins will be more popular, common and many parties will come up with their own stablecoin” he stated.
Alchemy has now launched in Hong Kong and Singapore and is looking forward to venturing deeper in Japan, Thailand, the Philippines, and Korea next year as they are the crypto-friendly countries. They are also looking into penetrating the Middle East and Europe.
“For Malaysia, I’m still hoping, I hope you can share with me when the news comes out the government allows crypto payment. Trust me, for sure, once it is open up, I’ll be the first to jump into Malaysia” he replied when asked about his vision towards Malaysia.
Don’t forget to head over to our YouTube channel to view the full interview with Patrick Ngan.