In a major step to increase the range of payments it can process, Samsung Pay has teamed up with Alchemy Pay and integrates crypto transactions straight into its mobile payment system. This collaboration, announced on October 8, 2024, enables Samsung Pay users to seamlessly use cryptocurrency for purchases across millions of retailers globally.

How It Works

• Connect their Samsung Pay accounts to their cryptocurrency wallets. Your wallet then gets securely connected without disclosing private keys thanks to a secure authentication procedure. 
• Next, Select the cryptocurrency they want to use for payments after the wallet is linked. Samsung Pay offers users a variety of payment alternatives by supporting numerous cryptocurrencies through the Alchemy Pay gateway.
• The user chooses the cryptocurrency option and Samsung Pay at the checkout to make a payment. The required purchase amount is immediately translated at the current exchange rate from the fiat price to its equivalent in the chosen cryptocurrency.
• Alchemy Pay converts the cryptocurrency of the user into fiat money to complete the transaction. Even though the transaction was initiated in cryptocurrency, such conversion ensures that the merchant gets the payment in fiat money. It is one of the critical steps to connect the contemporary digital currencies with established financial systems. Once the transaction has pulled through successfully, both parties should have instant confirmation of the successful payment.
• This facilitates tracking and management of transaction data in the user’s cryptocurrency wallet and in their Samsung Pay history. These data are also made available to users as a digital receipt via the app Samsung Pay.

Benefits for Samsung Pay Users

1. More Payment Options

Besides conventional fiat money, payment for transactions can also be made in cryptocurrency. Because of their adaptability, they stand to gain from the possible financial benefits associated with the use of digital assets in day-to-day transactions.

2. Ease of Use

The ease and simplicity of use that characterize the Samsung Pay are retained in the way the integration is designed. That, in fact, allows customers to simplify the process of making payments without jumping from one platform to another, handling both cash and cryptocurrency transactions from within the same app.

3. Increased Security

Crypto transactions are now cloaked in the high security of Samsung Pay itself, including safe encryption and biometric authentication. This way, digital assets and financial information from users are secured well from fraud and illegal access.

4. Instant Conversion and Low Fees

Alchemy Pay’s technology shields the user from the volatility they generally face with digital currencies. It instantly converts cryptocurrencies into cash at the time of sale. The transactions are also cheaper since they often come with lower fees compared to typical credit card transactions.

5. Global Availability

Samsung Pay is accepted at millions of merchants worldwide, so its users can also make purchases out there. This, combined with the ability to use cryptocurrencies and its reach across the world, greatly increases convenience and purchasing power.

6. Rewards and Cashback Incentives

Finally, purchases using Samsung Pay with various cryptocurrencies may receive rewards and cash-back incentives, adding value to everyday purchases. This is also similar in traditional methods of payment.

Possible Future

As Samsung integrates cryptocurrency payment within mobile systems, with the use of Alchemy Pay the African market should expect some changes. This is a trend worth noting, especially on the continent where access to traditional financial services is relatively lower, even with a high rate of mobile penetration. Also, by enabling Cryptocurrency transactions over mobile devices, Samsung Pay can finally give millions of underbanked or unbanked individuals throughout Africa a safe and straightforward financial instrument. The ease with which combining mobile payments with cryptocurrencies can be performed may also result in more competitive remittance rates, leading to higher economic empowerment and interconnectivity between the African nations and the international economy.

Photo Credit: CoinMarketcap