Long before its launch, there were speculations about the integration of a Samsung blockchain wallet on the new Samsung galaxy S10 series. Media outlets announced that Samsung Pay, the FinTech behind the development of the Samsung Pay Watch plugin, would be behind the integration of a Samsung blockchain wallet on the new Samsung Galaxy S10.
The Samsung Pay, including the Samsung Pay watch plug, is used by more than 10 million people. Sources familiar to the matter have stated that this platform is behind the Samsung blockchain wallet in the new Samsung Galaxy S10. An industry executive from Korea said that the new Samsung phones may be just what is needed to bring about massive adoption of cryptocurrencies and the use of cryptocurrency wallets in Korea.
Three weeks after the Samsung blockchain wallet was released, a major news outlet in South Korea, Donga, reported that Samsung Pay sees the integration of cryptocurrencies as a good way to promote the use of its Samsung pay watch plugin and the technology as a whole. The report stated that Samsung Pay decided to extend its transactions abroad by integrating a global payment processing option that targets the financial industry aggressively.
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If Samsung Pay integrates a Samsung blockchain wallet as the report suggested, it will become a fully equipped FinTech platform. The Samsung blockchain wallet, which currently supports only Ethereum, will soon support other cryptocurrencies as well. This isn’t going to be a surprise as the platform has been trying to solidify its hold in the FinTech industry for a while now. The platform has done better than other similar platforms like KakaoPay and Apple Pay per development. About three years ago, the platform acquired LoopPay for $250 million. Because of this deal, users of the Samsung Pay watch plugin could perform transactions using PoS terminals. This gave Samsung Pay an edge over other platforms.
The Samsung Pay platform is growing faster than competing platforms. Between the year 2017 and 2018, the platform has had a 58% increase user base. Considering the fact that Samsung Pay is already dominating the FinTech sector in South Korea, its interest in cryptocurrencies is going to lead to an incredible boost in the adoption of digital assets in the space. Integrating cryptocurrencies will make Samsung Pay more appealing to millennials and other users of digital assets.
Last April, the Samsung Pay platform recorded a transaction volume of about $18 billion. Having cryptocurrencies integrated on such a platform will certainly promote the mainstream adoption of digital currencies among merchants and customers alike. This will improve the visibility of cryptocurrencies as well as their accessibility. While the integration of a Samsung blockchain wallet on Samsung Pay is going to promote the adoption of cryptocurrencies, more companies will have to imitate Samsung Pay if global adoption is to be achieved.
What do you think about the integration of a Samsung blockchain wallet on Samsung Pay? Share your thoughts in the comment section.
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