Samsung Pay Expands to Crypto Payments with Alchemy Pay Integration

• Samsung Pay has integrated with Alchemy Pay, allowing users to link their virtual cards and make crypto payments both online and in-store.
• Samsung has primarily focused on integrating Blockchain technology into its ecosystem, offering secure storage solutions for digital assets.

Samsung Pay, a mobile payment and digital wallet service developed by Samsung Electronics has integrated with Alchemy Pay enabling users to make crypto payments both online and in-store. As per the announcement on the X platform, this partnership allows Alchemy pay users to link their virtual cards to Samsung Pay, paving the way for easier utilization of digital assets in the real world. 

Boasting more than 500, 000 users across 24 countries can now use their crypto for retail purposes via Samsung Pay. Additionally, among the supported regions include, Asia, Africa, North America, South America, Europe, and Australia, covering a wide range of global markets. 

Additionally, the collaboration makes it possible for users to tap into the convenience and accessibility of Samsung Pay’s expansive merchant network, which processes billions of dollars in transaction volume annually.

Looking into Samsung Pay, this development marks the platform’s second foray into the cryptocurrency space. Reminiscing, In May 2020, the platform first embraced digital assets by integrating with Swipe, allowing its Visa Debit cards to be used with Samsung Pay wallets. Now, the partnership with Alchemy Pay further solidifies Samsung’s commitment to exploring cryptocurrency as a viable payment option.

On the other hand, Alchemy is still spreading its wings into more conventional payment ecosystems. In fact earlier this year, it integrated Google Pay into its virtual card service, and since January 2023, it has supported Apple Pay for fiat-to-crypto purchases. 

Once linked, Alchemy Pay is expanding its reach by enabling cryptocurrency payments at countless online and physical stores, including major platforms like Amazon, Netflix, and eBay. This surge in merchant acceptance reflects the growing popularity of crypto as a daily payment method.

The company aims to further simplify crypto payments by integrating with more digital payment platforms and ensuring compatibility with leading card networks. This strategic move positions Alchemy Pay to become a global leader in making cryptocurrency a mainstream payment option.

According to an EY-Parthenon survey, the use of crypto for everyday payments is on the rise. Nearly 30% of retail investors now use digital assets for transactions, with online shopping and peer-to-peer payments being the most common use cases. Additionally, over half of investors are open to receiving their pay in cryptocurrency.

As cryptocurrency continues to gain traction, Samsung Pay’s collaboration with Alchemy Pay could be a major step in accelerating the adoption of digital assets for everyday transactions, offering greater flexibility and options for crypto holders across the globe.

Looking at the bigger picture which is the tech company, Samsung’s foray into the cryptocurrency space has been strategic and cautious. The tech giant has primarily focused on integrating blockchain technology into its ecosystem, offering secure storage solutions for digital assets and exploring potential applications in areas like supply chain management and IoT.