Paysafe and Alchemy Pay Collaborate to Enhance Payment Options for Crypto Purchases

A renowned global payments platform, has formed a strategic alliance with Alchemy Pay, a leading provider of fiat-crypto payment solutions. This partnership aims to broaden the spectrum of payment options available to consumers, making it easier for them to use fiat currency to purchase cryptocurrencies across 130 global markets.

Initial Integration and Benefits

The initial phase of this collaboration sees Alchemy Pay integrating Paysafe’s comprehensive suite of payment products into its platform. This integration includes Paysafe’s popular digital wallets, Skrill and NETELLER, as well as various local payment methods (LPMs), enhancing the flexibility and convenience of Alchemy Pay’s services for crypto exchanges, Web3 enterprises, and other crypto-related businesses.

Through this integration, users of Skrill and NETELLER in 130 countries can now seamlessly use over 40 fiat currencies to buy cryptocurrencies such as Bitcoin and Ethereum via Alchemy Pay’s Fiat On-ramp product. Additionally, Paysafe’s open banking solution will enable direct bank account payments for crypto purchases in the UK and 15 European countries.

Expanded Payment Methods and Future Developments

The partnership significantly enhances Alchemy Pay’s Fiat On-ramp product by adding more LPMs, particularly those with strong brand recognition in Europe. This expansion is set to reduce transaction abandonment rates and minimize payment friction, benefiting millions of Skrill and NETELLER users worldwide.

Later in the year, the partnership will enter its second phase, where additional Paysafe payment options will be integrated into Alchemy Pay’s platform in regions such as Latin America. This expansion aims to streamline the payment process further and increase the reach of Alchemy Pay’s crypto services.

Executive Insights

Micah Kershner, SVP of Crypto & Digital Assets at Paysafe, expressed enthusiasm about the collaboration: “Partnering with Alchemy Pay, which shares our global outlook, allows us to offer a more versatile payment experience. The widespread use of Skrill and NETELLER wallets among crypto users, combined with local payment methods, will enhance Alchemy Pay’s Fiat On-ramp product, driving growth for crypto exchanges and Web3 companies.”

Robert McCracken, Ecosystem Lead at Alchemy Pay, highlighted the importance of the partnership: “Easy fiat-crypto onboarding is essential for unlocking crypto’s potential. Collaborating with Paysafe streamlines this process for our users and expands our reach, especially in Europe. We look forward to leveraging Paysafe’s expertise to enter new markets like Latin America, bringing crypto benefits to a broader audience.”

Market Context

This partnership is particularly timely, given the increasing adoption of digital payment solutions worldwide. The collaboration aims to meet the growing demand for reliable and widely accepted payment methods, particularly in markets experiencing rapid digital transformation.

About Paysafe

Paysafe Limited (NYSE: PSFE) is a leading global payments platform with a history of serving the entertainment sectors. With over 25 years of experience and an annual transaction volume of $140 billion in 2023, Paysafe operates across 12+ countries and supports 260 payment types in over 40 currencies. For more information, visit www.paysafe.com.

About Alchemy Pay

Established in Singapore in 2017, Alchemy Pay bridges the gap between crypto and fiat currencies. Its services, including On & Off Ramp, Crypto Card, Web3 Digital Bank, NFT Checkout, and Crypto Payments, support transactions in 173 countries. The Alchemy Pay network token, ACH, operates on the Ethereum blockchain.

Disclaimer: This announcement is not intended as financial or legal advice. Readers should consult their own advisors regarding the implications of this partnership. The companies involved make no guarantees about the success or outcomes of the initiatives described.

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Post-Brexit: data protection
Card processor sends sensitive data to wrong address
24 August 2022

Worldline SA subsidiary Payone GmbH has been accused of breaching data protection rules after it sent sensitive employee payroll information to the wrong address by accident. The Worldline Group holdS a 60% stake in the Frankfurt based company who have a small UK market presence.

In June 2021, one of Payone GmbH’s ex UK employees (the data subject) received a “potential data breach notification” from the firm advising him that his salary, National Insurance data, nationality (Special Category Data) was amongst various bits of information sent to an incorrect home address.

This included personal information such as the former employees name, age and address.  It also included details such as the date of birth and the amount of annual work bonus he received in his bank account amongst other identifiable data.

Payone GmbH confirmed that this document was sent out in error following an employee making a mistake when re-entering data processed by their third-party payroll provider.  The error arose when the employee was fulfilling an Article 15 GDPR request. The error was spotted by the data subject when he noticed in an email version of the document that the postal address was incorrect. An attempt to notify Payone GmbH of the error went in vain as the document was already irretrievably despatched.

The data subject was alarmed with the incident which exposed him to the possibility of fraudulent activity, amidst reasonable fears his data could end up on the dark web and used by criminals.  Habitually resident in the UK he complained to the Information Commissioner’s Office (ICO) in June 2021. He similarly raised the concern in Germany via The Hessian Commissioner for Data Protection and Freedom of Information (HBDI).

The ICO reprimanded Payone GmbH for the error in their final decision letter.
Similarly, the HBDI cited a violation of Article 5(f) of the General Data Protection Regulation (GDPR) relating to integrity and confidentiality.

The ICO stated in their July 2021 findings that Payone GmbH, “should take steps to ensure that all personal data records are accurate and up to date. Holding inaccurate information, such as addresses, does increase the risk of personal data breaches and poses risks to the security of information”.

The HBDI confirmed in their October 2021 findings that Payone GmbH had taken remedial action. They concluded that a monetary fine would not be imposed on Payone GmbH as they had taken technical and organisational steps in response to the data breach. Data subjects could now request their data in an autonomous portal.

The GDPR, which came into effect in 2018, gave the Information Commissioner’s Office greater powers to tackle data breaches. The new ‘UK GDPR’ charts its own course after Brexit whilst seeking to maintain EU GDPR adequacy.  In extreme scenarios, organisations face penalties of up to £20m or 4 per cent of their global worldwide turnover, whichever is more.

In the years prior to GDPR, the ICO fines were capped at £500,000.

The data subject said: “I am just glad I spotted it; they were going to resend the document again to another wrong address. Prior to Brexit the process would have been commenced via the ICO who in turn would liaise with the HBDI on the data subjects’ behalf; but I found myself communicating with both authorities separately which was an additional step but in the end was surprisingly
effective. Unfortunately, Payone GmbH again sent my incorrect address to the
Workers Pension Trust in January 2022, and documents yet again went to the wrong address. In my opinion they have not learned from the first time and my complaint is sitting with the ICO yet again”.

The former employee is pursuing a remedy under Article 82 UK GDPR via
the Court’s of England & Wales.

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