New Cryptocurrencies Added to Samsung Pay for Their 10 Million Active Phone Users
The launch of the new Galaxy S10 from Samsung was a huge deal, since the smartphones were enabled with blockchain tech capacity that would give them access to Ethereum tokens. The entire process of integrating cryptocurrency has been made possible with Samsung Pay, which had already been a rumor for the company’s development before the smartphone was even announced. Samsung Pay is already the home to 10 million active users.
Though the formal release of the Samsung Blockchain Wallet did not happen until February 21st, the Korean Herald was already reporting on January 29th that a crypto wallet would find its way onto the then-upcoming Galaxy S10. Reportedly, sources involved with the project said that Samsung Pay was the program behind the crypto wallet. An industry executive claimed that the introduction of the S10 with these capabilities could popularize the entire system within the borders of Korea.
On March 8th, the Donga mainstream media outlet in South Korea said the cryptocurrency integration for Samsung Pay would be the best way to broaden their user base at an international level. The report from Donga, titled “Crypto, Flying Away with Samsung Pay on its Back?” claimed that the new crypto support that the application offers will establish Samsung Pay as a fintech platform.
Translated by CCN, the report pointed out that the transaction period applied to overseas users was extended, and that Samsung Pay had introduced a payment processing service for international use to benefit and serve the global financial services market. The report added that, with the addition of a crypto wallet for Samsung Pay, the new fintech platform will gain necessary strength for its users. The Samsung Blockchain Wallet is still only planned to offer Ethereum at the moment, but it plans to add other cryptocurrencies, which would follow Samsung’s pattern with acquisitions and product launches.
Ever since Samsung Pay was created, it has had to compete in its technological development with Apple Pay, KakaoPay, and other digital applications that offer similar services. Four years ago, the application had been the buyer in a $250 million acquisition for LoopPay, though industry analysts appeared to have mixed reactions. Still, the acquisition gave Samsung Pay users the power to use their smartphone at PoS terminals to make payments, which easily gave a better experience to the user.
Between 2017 and 2018, Donga states that the user base for Samsun Pay grew by 6.6 million users. In reports in April 2018, Samsung Pay was the processor of $18 billion in transaction volume. Considering the activity and the massive active user base, experts believe that the integration of a crypto wallet could make it the catalyst behind the mainstream adoption of crypto that the market has waited for. This benefit would especially apply to vendors and merchants.