Samsung Pay has recently announced a collaboration with Alchemy Pay to expand cryptocurrency payment options for over 500,000 users. This partnership allows Alchemy Pay users to link their virtual cards to Samsung Pay, enabling them to make payments with crypto both online and in-store in 24 different countries.
The regions supported by Samsung Pay include Asia, Africa, North America, South America, Europe, and Australia. Millions of merchants accept this payment gateway, processing billions of dollars in volume annually. This integration marks Samsung Pay’s second significant move into the crypto sector since its initial entry in May 2020.
Alchemy Pay has been incorporating more traditional payment methods into its services, including Google Pay and Apple Pay support. The integration process is designed to be user-friendly, requiring cardholders to simply verify if their virtual cards display the Samsung Pay logo and follow a few steps within the Samsung Pay app to link their cards. Once added, the virtual card can be used seamlessly across various stores and digital platforms.
Looking ahead, Alchemy Pay aims to expand its reach by supporting additional digital payment platforms and ensuring compatibility with major card networks such as Visa, Mastercard, and American Express. The increasing adoption of crypto for payments is evident in a recent survey, where 29% of crypto retail investors reported using digital assets for transactions, marking a 6% increase from the previous year.
The survey also revealed that online shopping and paying family and friends are the most popular use cases for crypto payments among retail investors. Additionally, a significant percentage of investors expressed interest in receiving their payroll in digital assets. Accredited investors show a higher enthusiasm for crypto payments compared to non-accredited investors, indicating a growing trend towards using digital assets for transactions.
This collaboration between Samsung Pay and Alchemy Pay not only expands payment options for users but also reflects the increasing acceptance and adoption of cryptocurrency in mainstream financial transactions. As more companies and platforms integrate crypto payment solutions, the landscape of digital transactions continues to evolve, offering users more flexibility and convenience in their financial interactions.