Hybrid crypto-fiat gateway Alchemy Pay will be launching what it calls “virtual crypto-linked cards” that it says will speed up the use of cryptocurrencies in the payments sector.
The Alchemy Pay virtual cards can be linked to Google Pay, PayPal and other digital wallets and support more than 40 cryptocurrencies. They will be accepted by Amazon, eBay and millions of other eCommerce merchants who take Mastercard and Visa for their transactions.
Alchemy Pay expects the virtual cards to be fully launched later this year or early next year after a beta test that’s going on now.
The firm plans to offer its virtual card services as a full suite white-label service to crypto projects and businesses as well as traditional institutions looking to integrate crypto-related solutions.
“The Cryptocurrency Payments Report: How Consumers Want To Use It To Shop And Pay,” a PYMNTS and BitPay collaboration based on a recent census-balanced survey of over 8,000 U.S. consumers, examined usage of cryptocurrency.
“Nearly a quarter of current or former cryptocurrency owners have used cryptocurrency to purchase groceries and retail products as well as to make online gaming or gambling-related purchases, pay for streaming services or access financial services,” per the report, which noted the desire of current crypto holders “in making purchases via cryptocurrency in these categories as well, especially for buying groceries (19 percent) and paying for streaming services (20 percent).”
Millennials have particularly strong sentiments for the use of crypto as a payment option, with streaming services, groceries, online gaming and computer-related purchases (29 percent each) and “more routine travel and leisure-related purchases” coming in at 22 percent.