Alchemy Pay integrates PayID, enabling crypto payments to Aussie bank accounts

Alchemy Pay has entered the Australian market with support for PayID, enabling real-time crypto-to-fiat payments and marking a key step in its AUSTRAC-approved expansion.

Alchemy Pay, a crypto payment solutions provider, has entered Australia ‘s crypto payment market through the integration of PayID, a real-time interbank payment system, and official registration with AUSTRAC as a Digital Currency Exchange Provider.

The company said in a Monday press release the latest update allows it to “compliantly offer fiat-crypto exchange service within Australia,” adding that the integration “enhances its ability to serve Australian users with reduced fees, faster processing times, and higher transaction success rates.”

PayID is a widely adopted payment system in Australia that allows users to receive bank transfers instantly using simple identifiers like phone numbers or email addresses, instead of traditional bank account details.

The update follows Alchemy Pay’s successful registration as a Digital Currency Exchange Provider with AUSTRAC, Australian government financial intelligence agency, enabling it to compliantly offer fiat-crypto exchange service within Australia.

“Australia is known for its rigorous regulatory framework, which has historically posed challenges for crypto payment providers. The scarcity of compliant services has created barriers to mass crypto adoption.”

Alchemy Pay

Australia is one part of Alchemy Pay’s broader global strategy. In Europe, the company supports integrations with SEPA Instant, Faster Payments, BLIK, Bancontact, and Skrill. In Southeast Asia, it enables crypto payments through local channels including Dana, OVO, QRIS, Maya, Coins.ph, GrabPay, GCash, Thai QR, and Touch’n Go.

Most major Australian banks support PayID, making it a standard method for everyday transactions between individuals, businesses, and institutions. Alchemy Pay says the integration paves the way for a “streamlined onboarding process and opens new avenues for Australian crypto projects to drive market expansion.”