Alchemy Pay has recently announced a new integration with Samsung Pay, allowing users to link their virtual cards to the popular payment platform. This partnership enables over 500,000 users of Alchemy Pay’s virtual card to make retail payments with crypto in the 24 countries where Samsung Pay is available.
Samsung Pay is widely accepted in regions across Asia, Africa, North America, South America, Europe, and Australia, making it a convenient option for users looking to use their crypto for everyday transactions. The platform is supported by millions of merchants and handles billions of dollars in volume annually, providing a seamless and secure payment experience.
This collaboration marks Samsung Pay’s second foray into the world of crypto payments, following Swipe’s integration with the platform in May 2020. Alchemy Pay has also been expanding its payment options, recently incorporating Google Pay into its virtual card service and offering Apple Pay support for fiat-to-crypto purchases since January 2023.
The integration process for linking virtual cards to Samsung Pay is designed to be user-friendly, with cardholders simply needing to verify if their cards display the Samsung Pay logo and follow a few simple steps within the app. Once added, the virtual card can be used at millions of stores and digital platforms, including popular online retailers like ChatGPT Plus, Apple Store, Amazon, Netflix, Facebook, and eBay.
Looking ahead, Alchemy Pay plans to continue expanding its reach by supporting additional digital payment platforms and ensuring compatibility with major card networks like Visa, Mastercard, and American Express. This move reflects the growing trend of using crypto for payments, as highlighted in a recent EY-Parthenon survey that found 29% of crypto retail investors using digital assets for transactions, with online shopping and peer-to-peer payments being the most popular use cases.
Accredited investors are particularly enthusiastic about crypto payments, with 69% using digital assets for transactions between August 2023 and July 2024. As the acceptance and adoption of crypto payments continue to grow, partnerships like the one between Alchemy Pay and Samsung Pay are set to play a key role in shaping the future of digital payments.