Alchemy Pay will integrate its virtual cards with Samsung’s contactless payment utility, introducing an additional cryptocurrency payment method to Samsung Pay.
Alchemy Pay, a significant crypto payment provider with over one million registered customers, has recently implemented a new Samsung Pay integration on one of its virtual cards.
Alchemy Pay announced on October 8 that the new Samsung Pay payment feature is being implemented mere weeks after the platform’s integration with Google Pay was finalized in September.
Samsung Pay is now accessible to 500,000 users of the Alchemy Pay virtual card
Samsung Electronics operates Samsung Pay, a digital wallet and mobile payment service.
The new partnership enables Alchemy Pay users to use their virtual crypto cards to make payments at supported retailers, both in-store and online.
Alchemy Pay has announced that its virtual card users can now make payments on various platforms, such as the Apple Store, ChatGPT Plus, Midjourney, Amazon, Netflix, Facebook, and eBay.
According to a spokesperson for Alchemy Pay, the company anticipates that the integration of Samsung Pay will generate substantial demand from indirect consumers. They declared:
“We already have one million registered users on our ramp platform and 500,000 crypto card users. As we have a lot of business partners, there will be more indirect users that use our product through the integration.”
Alchemy Pay is not the sole crypto payment processor that is partnered with Samsung Pay. Samsung Pay collaborated with Swipe, a payment gateway, in 2020 to enable its users to make payments from their Swipe Visa card balances.
How to initiate the Alchemy Pay virtual card on Samsung Pay
To initiate the process, users must visit the Alchemy Pay website to verify that their virtual card is interoperable with Samsung Pay. Then, they can connect their card to Samsung Pay via the app and commence making crypto payments.
The subsequent step involves the user adding Alchemy Pay’s virtual card to Samsung Pay via the Samsung Pay app and commencing transactions within the app using the virtual card.
In the announcement, Alchemy Pay emphasized its ambitious plans to expand its supported payment platforms and guarantee “full integration” with major card networks, such as Visa, Mastercard, and American Express.
Established in 2017 in Singapore, Alchemy Pay has already implemented operations on several significant Samsung Pay competitors, such as Apple Pay.
The fiat-to-crypto on-ramp of Alchemy Pay implemented Apple Pay support in 2023, allowing users to purchase crypto on the mobile app in fiat currencies such as the United States dollar and euro.
Alchemy Pay stated that non-US consumers could also make payments in US dollars.
