Samsung Pay expands crypto payments options via Alchemy Pay partnership

Alchemy Pay users tin nexus 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 Pay’s virtual paper tin present usage their crypto for retail payments successful the 24 countries wherever Samsung Pay is available.

Regions supported by Samsung Pay see Asia, Africa, North America, South America, Europe, and Australia. Additionally, the announcement highlighted that the outgo gateway is accepted by millions of merchants and handles billions of dollars successful measurement annually.

This is Samsung Pay’s 2nd high-profile crypto integration since entering the assemblage in May 2020, erstwhile Swipe enabled the usage of its Visa Debit cards with Samsung Pay wallets.

Meanwhile, Alchemy Pay has been expanding into much accepted outgo methods aft it incorporated Google Pay into its virtual paper work earlier this year. Additionally, the crypto outgo processor has had Apple Pay enactment for fiat-to-crypto purchases since January 2023.

According to the property release, the integration process is designed to beryllium user-friendly, arsenic cardholders request lone to verify if their virtual cards show the Samsung Pay logo and travel elemental steps wrong the Samsung Pay app to nexus their cards.

Once added, the virtual paper tin beryllium utilized seamlessly crossed millions of stores and integer platforms, including ChatGPT Plus, Apple Store, Amazon, Netflix, Facebook, eBay, and galore others.

Looking ahead, Alchemy Pay plans to broaden its scope by supporting further integer outgo platforms and ensuring compatibility with large paper networks similar Visa, Mastercard, and American Express.

Crypto for payments

An EY-Parthenon survey with implicit 1,000 crypto retail investors revealed that 29% of respondents usage crypto for payments. This is simply a 6% leap compared to 2022.

For retail investors, the astir fashionable usage cases for crypto payments are online buying (57%) and paying household and friends (49%). Moreover, 53% of retail investors surveyed would see getting paid done payroll with integer assets.

Notably, accredited investors are overmuch much enthusiastic astir crypto payments, with 69% utilizing integer assets for payments betwixt August 2023 and July 2024. Meanwhile, lone 28% of non-accredited investors utilized crypto for payments successful the aforesaid period.

The station Samsung Pay expands crypto payments options via Alchemy Pay partnership appeared archetypal connected CryptoSlate.