Alchemy Pay announced on October 7 that users of its virtual card service can now link their cards to Samsung Pay, enabling cryptocurrency payments both online and in-store.
This integration allows over 500,000 Alchemy Pay users to utilize crypto for purchases in the 24 countries where Samsung Pay is available, spanning regions including Asia, Africa, North America, South America, Europe, and Australia.
Growing Crypto Integration in Retail Payments
Samsung Pay's latest move marks its second major crypto integration, following its partnership with Swipe in 2020, which allowed users to connect Visa Debit cards to the Samsung Pay platform. The adoption of crypto payments has been steadily increasing, with millions of merchants now accepting Samsung Pay, contributing to billions of dollars in annual transaction volumes.
Alchemy Pay, a leading crypto payment processor, has been actively expanding its services into more conventional payment methods. Earlier this year, the company added Google Pay integration and has supported Apple Pay for fiat-to-crypto purchases since January 2023.
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User-Friendly Process for Seamless Payments
The process of linking Alchemy Pay virtual cards to Samsung Pay is designed to be simple and intuitive. Cardholders only need to verify that their card displays the Samsung Pay logo and follow straightforward instructions within the Samsung Pay app to link the card.
Once connected, the virtual card can be used across millions of stores and online platforms, including major retailers like Apple Store, Amazon, and digital services such as Netflix and Facebook.
Alchemy Pay aims to further extend its crypto payment capabilities by supporting additional digital payment platforms and ensuring compatibility with key card networks like Visa, Mastercard, and American Express.
Crypto Payment Adoption on the Rise
Recent surveys, including one by EY-Parthenon, highlight growing interest in crypto payments. Among retail investors, 29% are now using digital assets for payments, a 6% increase compared to 2022. Popular use cases include online shopping (57%) and sending money to family and friends (49%). Furthermore, over half of retail investors (53%) expressed willingness to receive salaries in crypto.
Accredited investors show even stronger enthusiasm, with 69% using crypto for payments between August 2023 and July 2024, compared to only 28% of non-accredited investors during the same period.
Alchemy Pay’s integration with Samsung Pay represents another step toward mainstream adoption of cryptocurrency in everyday transactions. As crypto payment platforms continue to expand, the use of digital assets in retail is set to increase, providing more flexibility and convenience for users globally.