IF SAMSUNG PAY IS BEHIND THE CRYPTO INTEGRATION, IT MAY BE CRUCIAL FOR REAL ADOPTION
On January 29, The Korea Herald reported that Samsung is set to integrate a cryptocurrency wallet into the Galaxy S10, well over a month before the formal release of the Samsung Blockchain Wallet on February 21.
Industry sources reportedly told the publication that Samsung Pay, a widely utilized digital payments application with over 10 million active users, is behind the Galaxy S10’s cryptocurrency wallet.
“The arrival of the new Samsung phones could start popularization of the cryptocurrency wallet system in Korea,” an industry executive said
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— Charles Hoskinson (@IOHK_Charles) 9 Mart 2019
The report entitled “Crypto, Flying Away With Samsung Pay on its Back?,” which was featured in the March edition of Shin Donga, the oldest and most popular magazine in the country, said that cryptocurrency support will strengthen Samsung Pay as a fintech platform.
The report translated by CS read:
- Samsung Pay has recently extended the transaction period for overseas users and integrated an international payment processing service, aggressively targeting the global financial services market.
- At this phase of development, if a cryptocurrency wallet is added to Samsung Pay, the application will be strengthened as a complete fintech platform. Currently, the Samsung Blockchain Wallet is said to be supporting Ethereum but more cryptocurrencies are expected to be integrated in the near-term.
Samsung Pay’s consideration of integrating cryptocurrencies goes in line with its past acquisitions and product launches.
In 2015, Samsung Pay acquired LoopPay for $250 million, an acquisition that had seen mixed reactions from industry analysts.
The acquisition allowed Samsung Pay users to process payments by hovering the phone over point of sale (PoS) terminals, providing the platform an edge over its competitors in user experience.
According to Donga, the user base of Samsung Pay has grown by 58 percent from 2017 to 2018, by a staggering 6.6 million users.
WIN-WIN FOR CRYPTO AND FOR SAMSUNG
Similar to the integration of Bitcoin by Square Cash, Samsung Pay could benefit from cryptocurrency integration and appeal to millennial and digital asset users.
Since Square integrated Bitcoin in late 2017, the market valuation of the company has increased by 516 percent, evolving into a payments behemoth.
As of April 2018, Samsung Pay recorded $18 billion in transaction volume and industry experts believe the integration of crypto by Samsung Pay could fuel the mainstream adoption of cryptocurrencies, especially on the side of merchants.
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