Alchemy Pay Partners Samsung for Crypto Payments
Crypto payments firm Alchemy Pay has partnered with Samsung to enhance its Virtual Card service, which allows users to seamlessly use their crypto for purchases both online and in physical stores.
The crypto card was previously integrated with Google Pay; the new integration with Samsung Pay further enhances convenience for users. With both services, "users gain an even more efficient and secure method for spending crypto," Alchemy said in an announcement.
Samsung Pay is widely adopted, enabling transactions at millions of locations worldwide and handling billions of dollars in annual transaction volume.
Alchemy Pay's Virtual Card is supported on several major payment platforms, including ChatGPT Plus, the Apple Store, Amazon, Netflix, eBay, Facebook, Midjourney, and more.
"This latest development further solidifies Alchemy Pay’s commitment to offering innovative financial tools for the crypto community," Alchemy said.
"By incorporating Samsung Pay into its virtual card offering, Alchemy Pay expands the versatility and accessibility of crypto payments, making it easier for both experienced users and newcomers to transact in everyday scenarios."
The firm plans to expand its services by adding more payment platforms and integrating with major card networks like Visa, Mastercard, and American Express.
Last month, Visa unveiled its new Visa Tokenized Asset Platform (VTAP), which will allow banks to issue fiat-backed tokens of real-world assets like bonds or commodities on Ethereum.
Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) is among the first financial institutions to use the platform.
In April, Alchemy chose Hong Kong as its strategic crypto hub for its expansion plans outside of China.
The Singapore-founded crypto payments firm pointed towards Hong Kong's efforts to boost its Web3 initiatives as reasons for its decision.
Meanwhile, Samsung recently revealed that it invested in Singapore-based Web3 firm Startale Labs, which recently established a joint venture with Sony Group to develop Soneium.
Soneium is developed with Optimism blockchain's ecosystem OP Stack, which allows developers to create their own networks using Optimism's technology. Coinbase's Base and Worldcoin's World Chain also used OP Stack.