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Sources report that more than 500,000 Alchemy Pay users can now access the Samsung Pay gateway for online and in-store payments in crypto across 24 countries. This collaboration has enabled users to connect their Alchemy Pay virtual cards to Samsung Pay, increasing the range of payment options that crypto users can use. This integration was made public on October 7.
Alchemy Pay Now Linked to Samsung Pay
With this integration, over 500,000 Alchemy Pay users can now make payments through their virtual cards in the areas where Samsung Pay already works. These areas comprise Asia, Africa, North America, South America, Europe, and Australia.
Samsung Pay is a common means of payment across multiple regions across the globe. The gateway facilitates transactions of billions of dollars on a yearly basis, adding more offerings to the Alchemy Pay integration. This partnership is expected to incorporate crypto assets in daily payment activities.
Sources reveal that Samsung Pay first stepped into the crypto market in May 2020. At that time, Samsung Pay joined hands with Swipe to enable users to link their Visa Debit cards to the Samsung Pay wallet for crypto payments. Since then, Samsung Pay has made dedicated efforts to grow in crypto services.
On the other hand, Alchemy Pay has been supposedly extending its operations towards more conventional modes of payments since last year. In 2023, the company brought together Google Pay into its virtual card service, enabling users to make payments through Google’s platform. Alchemy Pay also included Apple Pay support for fiat-to-crypto payments in January 2023.
With these collaborations, Alchemy Pay is establishing itself as a prime point of payment in the crypto arena, making it convenient for users to transfer traditional and digital payments.
User-Friendly Integration Operations
According to Alchemy Pay’s statement to the press, the integration with Samsung Pay is supposed to be easy and convenient for users. Alchemy Pay users are only required to verify that their virtual cards show the Samsung Pay logo and then walk through a few steps within the Samsung Pay app to connect their cards.
Once the cards are linked, the virtual cards can be used in numerous stores and digital platforms, including massive global brands like ChatGPT Plus, Apple Store, Amazon, Netflix, Facebook, eBay, and their likes. This partnership brings a streamlined proces of payment, pulling in cryptocurrency to pay for daily transactions.
How Have Crypto Payments Worked in 2024?
A recent survey held by EY-Parthenon reportedly collected responses from more than 1,000 crypto retail investors. The survey revealed that 29% of these said that they use crypto for payments. This records a 6% jump in the number when compared to 2022, heralding an increasing trend in the adoption of crypto for daily transfers.
The most used aspect of crypto was in online shopping where 57% of respondents used crypto for this reason. The survey stated that 49% of users utilize crypto for peer-to-peer transactions. Furthermore, 53% of respondents said that they would be open to receiving their salaries in digital assets.
It was revealed in the same survey that 69% of accredited investors used crypto for payments between August 2023 and July 2024, compared to just 28% of non-accredited investors during the same timeframe. This difference shows a notable distinction in the adoption curve between accredited and non-accredited investors.
Conclusion
The collaboration between Alchemy Pay and Samsung Pay is a huge step ahead in the increasing use of cryptocurrencies for everyday transactions. By enabling more than 500,000 Alchemy Pay users to connect their virtual cards to Samsung Pay, this integration paints a new future of possibilities for online and in-store crypto payments. Learn more about collaborations and partnerships between traditional and crypto payment platforms with TurkishNYRadio.
