Samsung Pay expands crypto payments options via Alchemy Pay partnership
Alchemy Pay users can link their virtual cards to Samsung Pay, enabling payments with crypto online and in-store, according to an Oct. 7 announcement.
Over 500,000 users of Alchemy Pays virtual card can now use their crypto for retail payments in the 24 countries where Samsung Pay is available.
Regions supported by Samsung Pay include Asia, Africa, North America, South America, Europe, and Australia. Additionally, the announcement highlighted that the payment gateway is accepted by millions of merchants and handles billions of dollars in volume annually.
This is Samsung Pays second high-profile crypto integration since entering the sector in May 2020, when Swipe enabled the use of its Visa Debit cards with Samsung Pay wallets.
Meanwhile, Alchemy Pay has been expanding into more traditional payment methods after it incorporated Google Pay into its virtual card service earlier this year. Additionally, the crypto payment processor has had Apple Pay support for fiat-to-crypto purchases since January 2023.
According to the press release, the integration process is designed to be user-friendly, as cardholders need only to verify if their virtual cards display the Samsung Pay logo and follow simple steps within the Samsung Pay app to link their cards.
Once added, the virtual card can be used seamlessly across millions of stores and digital platforms, including ChatGPT Plus, Apple Store, Amazon, Netflix, Facebook, eBay, and many others.
Looking ahead, Alchemy Pay plans to broaden its reach by supporting additional digital payment platforms and ensuring compatibility with major card networks like Visa, Mastercard, and American Express.
Crypto for payments
An EY-Parthenon survey with over 1,000 crypto retail investors revealed that 29% of respondents use crypto for payments. This is a 6% leap compared to 2022.
For retail investors, the most popular use cases for crypto payments are online shopping (57%) and paying family and friends (49%). Moreover, 53% of retail investors surveyed would consider getting paid through payroll with digital assets.
Notably, accredited investors are much more enthusiastic about crypto payments, with 69% using digital assets for payments between August 2023 and July 2024. Meanwhile, only 28% of non-accredited investors used crypto for payments in the same period.
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Text source: CryptoSlate
