Samsung Pay Will Integrate Cryptocurrencies for 10 Million Users

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.

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.

On March 8, three weeks following the release of the Samsung Blockchain Wallet, Donga, 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.

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 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 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.

 

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Samsung Pay’s consideration of integrating cryptocurrencies goes in line with its past acquisitions and product launches.

 

 

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