Even before the official announcement of Samsung Electronics on the launch of the Samsung Blockchain Wallet, local publications speculated that Samsung Pay could be behind the high-profile crypto integration for the Galaxy S10.
As many expected even prior to Samsung’s announcement on January 29, in The Korea Herald, Samsung Electronics is set to integrate a cryptocurrency wallet into the Galaxy S10. The announcement came well over a month before the formal release of the Samsung Blockchain Wallet on February 21. Samsung Pay, who has over 10 million active users making payments with their app, 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.
One of the largest mainstream media outlets in South Korea reported that Samsung Pay considers cryptocurrency integration as a way to expand its user base internationally and this comes just three weeks after the release of the Samsung Blockchain Wallet, Donga.
In a report titled “Crypto, Flying Away with Samsung Pay on its Back?” in the March edition of Shin Donga, a popularized magazine in Korea, said that cryptocurrency support will strengthen Samsung Pay as a Fintech platform.
The report translated by CCN 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 crypto wallet is added to Samsung Pay, the application will be strengthened as a complete Fintech platform. Currently, the Samsun Blockchain Crypto Wallet is said to be supporting Ethereum, but more cryptocurrencies are expected to be integrated in the near-term to the crypto wallet.
Samsung Pay’s consideration of integrating cryptocurrencies goes in line with its past acquisitions and product launches.
Since its inception, Samsung Pay has competed headfirst against other digital payments applications like Apple Pay and KakaoPay in innovation and technological development.”
Samsung Pay’s acquisition of LoopPay for $250 million in 2015 which faced much skepticism, allowed Samsung Pay users to process payments by hovering the phone over the point of sale (PoS) terminals, providing the platform an edge over its competitors in user experience.
Recent claims by Donga, make mention of the fact that Samsung Pays user base has grown by 6,6 million users in just one year from 2017 to 2018, this is equivalent of a 58% increase. With this kind of growth, it is not hard to believe analysts who believe Samsung Pay will take a lead in the cryptocurrency sector. Especially with its rigorous and well-documented strategy of pursuing aggressive acquisitions, product launches, and integrating emerging technologies.
The advantages of this collaboration are a mutually beneficial arrangement for both Samsung and cryptocurrencies. It provides an easy and accessible avenue for both millennial and digital asset users. A good example of a beneficial partnership is Squares integration of Bitcoin in late 2017/ Since this partnership started the market valuation of the company has increased by 516 percent.
The most exciting part of this newly formed union is that most industry experts believe it could fuel the mainstream adoption of cryptocurrencies, especially on the side of merchants. Improving visibility and accessibility of cryptocurrencies.
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