One of the leading fiat-to-crypto payment gateway, Alchemy Pay, has partnered with Samsung Pay to support crypto payments on its network, which will further bridge the gap between the legacy financial system and the relatively new emerging crypto economy. Introduced on October 8, 2024, this integration enables more than 500,000 Alchemy Pay users to link their virtual cards with Samsung Pay to allow consumers to spend crypto as a method of payment in online and offline transactions. This is an important move towards convergence between conventional finance and digital currencies, which in turn will make crypto more accessible to mass consumers.
Broadening the Scope of Crypto Payments
Singapore-based Alchemy Pay, established in 2017 from the start, has always been working towards greater crypto accessibility. Partnering with Samsung Pay gives users the benefit of being able to pay in cryptocurrencies at millions of merchants in 24 countries around the world, such as Amazon, Apple Store, and Netflix. The integration also supports regions such as North America, Europe, Asia, Africa and Australia so it is a truly global solution for any crypto enthusiast.
This is Samsung Pay’s second crypto venture after its first integration with Swipe in 2020. The latest development follows on the heels of Alchemy Pay partnerships with other digital payment providers such as Google Pay and Apple Pay in 2023. The partnership marks a new era of mainstream acceptance for payments made with crypto in the rapidly expanding crypto space.
A User-Friendly Experience
However, what brought the two companies together was the seamless user experience: this is probably the most important feature of their integration into Samsung Pay. Alchemy Pay cardholders can start to make crypto payments automatically after checking if they have a virtual card that is compatible with Samsung Pay. After confirmation, users will be able to add their card to the Samsung Pay app and start buying and selling crypto within minutes. The resulting simplified process ensures that many technical barriers typically linked with the use of digital currencies are removed, opening it up to a much broader user base.
That list of user-friendly developments is just one example from Alchemy Pay, which follows a larger strategy to meet the rising demand for crypto payments, particularly among mainstream consumers who are unlikely experts in blockchain. It will be a huge seller to have another extremely easy way for users to spend their crypto holdings at online and physical retailers, which is still developing in the digital payments environment.
Advertisement Banner
The Growing Role of Crypto in Retail Payments
With an increasing number of people using digital currencies for everyday transactions, expect collaborations such as the partnership formed between Samsung Pay and Alchemy Pay to be instrumental in driving wider acceptance of cryptos. A survey by EY-Parthenon in 2024 showed that 29% of crypto retail investors use digital currencies on payment, representing an increase over last year by 6%. The top 2 use cases are online shopping (57%) and peer-to-peer transactions, which include paying family or friends (49%).
This growing trend is particularly pronounced among accredited investors, with 69% using digital assets for payments between August 2023 and July 2024. As these numbers continue to rise, the ability to use crypto on established platforms like Samsung Pay could further accelerate the trend.
Conclusion
The Alchemy Pay virtual card integrated with Samsung Pay, is a comprehensive example of digital currency being accepted in traditional retail finance. This partnership is designed to make it more user-friendly and seamless — bridging the gap between traditional payment systems, and the world of digital currencies- for everyday consumers who wish to use crypto in their day-to-day life. With the further development of Samsung Pay integrating payment methods for crypto, it’s obvious there is a positive outlook ahead for cryptocurrency and global adoption.
The partnership marks the first step of a wider push towards one-click cryptocurrency and digital asset payment integration into existing platforms and earmarks Samsung Pay and Alchemy for key roles in this emerging sector.
Stay tuned with TheBITJournal. Follow Twitter and LinkedIn, and join the Telegram channel to be instantly informed about breaking news!
The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.
