Alchemy Pay users can now link their virtual cards to Samsung Pay, allowing for crypto payments online and in-store, as per the latest announcement on Oct. 7.
With over 500,000 users of Alchemy Pay’s virtual card, crypto payments are now accepted in the 24 countries where Samsung Pay operates.
Samsung Pay covers regions in Asia, Africa, North America, South America, Europe, and Australia, serving millions of merchants and processing billions in transactions annually.
This marks Samsung Pay’s second major crypto integration since its venture into the sector in May 2020, following Swipe’s partnership enabling Visa Debit card usage with Samsung Pay wallets.
Additionally, Alchemy Pay has recently integrated Google Pay and Apple Pay support into its virtual card services, expanding its payment options for users.
Moving forward, Alchemy Pay aims to support more digital payment platforms and ensure compatibility with major card networks like Visa, Mastercard, and American Express.
Crypto for payments
An EY-Parthenon survey of over 1,000 crypto retail investors showed a 29% increase in using crypto for payments compared to the previous year.
Online shopping and peer-to-peer transactions are the most common uses for crypto payments among retail investors, with a growing interest in receiving payroll in digital assets.
Notably, accredited investors are showing higher adoption rates for crypto payments compared to non-accredited investors.