Alchemy Pay partners with Samsung Pay, enabling virtual card support for payments at millions of global merchants.

Alchemy Pay, a payment solution supporting 173 countries, recently announced its upcoming support for Samsung Pay, further advancing the use of cryptocurrency in payment applications. Now, over 500,000 Alchemy Pay virtual card users can use their cryptocurrency for retail payments in 24 countries/regions where Samsung Pay is supported. While integrating cryptocurrency debit cards/virtual cards with mobile payments is not a new concept, this move still adds momentum to the mainstream adoption of cryptocurrency payments.

Integrating Digital Payment Solutions Makes Paying for Living Expenses with Cryptocurrency Easy

Established in Singapore in 2017, Alchemy Pay is a payment solution that bridges fiat and cryptocurrency and has over 500,000 users in 173 countries.

On the other hand, Samsung Pay is a payment solution created by the South Korean Samsung Group specifically for Samsung smartphones. Users can easily turn their phones into debit/credit cards and complete payments by tapping their phones on card readers. Samsung Pay is available in Asia, Africa, North America, South America, Europe, and Australia, accepted by millions of merchants, processing transactions worth billions of dollars annually.

How to link Alchemy Pay with Samsung Pay:

1. Register and apply for a virtual card on Alchemy Pay's website.
2. Follow the instructions on the Samsung phone to add the Alchemy Pay virtual card.
3. Once completed, users can make cryptocurrency payments at millions of merchants.

Currently, Samsung Pay supports platforms such as ChatGPT Plus, Apple Store, Midjourney, Amazon, Netflix, Facebook, eBay, allowing users to use cryptocurrency for daily expenses through this convenient service.

Nearly 30% of Respondents Have Used Cryptocurrency for Payments, Showing Growth Potential in the Market

This is the second collaboration between Samsung Pay and a cryptocurrency payment solution, having previously worked with Swipe to use the Swipe Visa card in the Samsung Pay wallet.

Alchemy Pay has also integrated with mobile payment solutions such as Apple Pay and Google Pay. It is reported that Alchemy Pay plans to expand its coverage by supporting more digital payment platforms and ensuring compatibility with major card settlement networks like Visa, Mastercard, and American Express.

A previous survey of over 1,000 cryptocurrency users revealed that 29% of respondents have used cryptocurrency for payments, an increase of 6% compared to 2022. The most popular areas for cryptocurrency payments are online shopping at 57% and sending money to family and friends at 49%. Additionally, 53% of respondents would consider receiving their salary in cryptocurrency.

Author's note: Although Alchemy Pay requires users to complete KYC and actively promotes buying cryptocurrency at convenience stores, it has not yet been listed in Taiwan's VASP list. Further observation is needed to see if using Samsung Pay linked with Alchemy Pay in Taiwan and compliance are possible.
Convenience stores turn into currency exchanges! Payment service Alchemy Pay offers cash purchases of cryptocurrency at Taiwan convenience stores. Is Alchemy Pay a VASP in Taiwan?