Alchemy Pay Integrates with Samsung Pay
Alchemy Pay has recently announced a significant integration with Samsung Pay, allowing users to link their virtual cards for cryptocurrency transactions both online and at physical stores as of October 7.
Expansion of Retail Payment Options
With this partnership, over 500,000 Alchemy Pay virtual card holders can now make retail purchases using cryptocurrency in 24 countries where Samsung Pay operates.
Global Reach of Samsung Pay
Samsung Pay is supported across various regions, including:
- Asia
- Africa
- North America
- South America
- Europe
- Australia
The payment gateway boasts acceptance by millions of merchants worldwide, handling billions in transaction volumes annually.
Previous Crypto Integrations
This marks Samsung Pay’s second notable integration into the crypto sphere since May 2020, when Swipe enabled Visa cards for use with Samsung Pay wallets.
Enhancements by Alchemy Pay
Alchemy Pay has also been extending its payment options, having integrated Google Pay functionality into its services and supporting Apple Pay for fiat-to-crypto transactions since January 2023.
User-Friendly Integration Process
The process for linking virtual cards with Samsung Pay is straightforward. Cardholders simply need to check for the Samsung Pay logo on their cards and follow easy instructions within the Samsung Pay app.
Upon successful linking, users can utilize their virtual cards seamlessly across a wide variety of platforms, including popular services such as ChatGPT Plus, Apple Store, Amazon, Netflix, Facebook, eBay, and more.
Future Plans
Looking ahead, Alchemy Pay aims to expand its services further by supporting more digital payment platforms and ensuring compatibility with major card providers such as Visa, Mastercard, and American Express.
The Growing Use of Crypto Payments
A recent survey conducted by EY-Parthenon involving over 1,000 retail crypto investors showed that 29% of participants utilize cryptocurrency for payments, marking a 6% increase since 2022.
Key Findings on Payment Use Cases
Among retail investors, the most common applications of crypto payments include:
- Online shopping (57%)
- Paying family and friends (49%)
Additionally, 53% of those surveyed expressed interest in receiving salaries in digital assets.
Differences Between Investor Categories
Accredited investors show a much higher inclination towards using cryptocurrencies for payments, with 69% engaging in these transactions between August 2023 and July 2024, compared to only 28% of non-accredited investors during the same period.