Samsung Pay Could Eventually Integrate Cryptocurrencies Into The Samsung Galaxy S10
In a new report released by The Korea Herald, Samsung Pay could eventually integrate cryptocurrencies into Samsung’s new Galaxy S10. This is not the first rumour related to Samsung and virtual currencies, some images leaked show that there might be a cryptocurrency wallet integrated into the device.
These reports show that Samsung could be analysing the possibility of integrating digital assets into its ecosystem. Samsung Pay is the company’s digital payments platform. According to MK, Samsung Pay has more than 10 million users in South Korea. Individuals in the country use the app in order to process daily payments.
To process these payments and offer such services, the company purchased LoopPay, allowing Samsung to use the magnetic secure transmission (MST) technology. This is similar to NFC that is used by other companies such as Apple with its Apple Pay.
An industry official commented in a conversation with The Korea Herald:
“The arrival of new Samsung phones could start popularization of the cryptocurrency wallet system in Korea.”
Samsung has been interested in using cryptocurrencies. According to a recent report released by Samsung Insights, mobile devices are more secure to store digital currencies due to the fact that they can create a Trusted Execution Environment (TEE).
The Twitter user Gregory Blake, released an image in which it is possible to see a Samsung Galaxy S10 with the possibility to set up a cryptocurrency wallet. The new application seems to be called Samsung Blockchain KeyStore.
Galaxy s10 with crypto wallet? pic.twitter.com/6IICujXEnm
— Gregory Blake (@GregiPfister89) January 22, 2019
Samsung has not yet made any announcement regarding the rumours of a potential cryptocurrency wallet launch. If the intention to create a crypto wallet and offer services to crypto users turns out to be true, Samsung will clearly be ahead of other established competitors in the market. Furthermore, it will also reduce the visibility of other blockchain-based telephones such as the one created by Sirin Labs.
South Korea continues to show that they are very active in the crypto market and that companies are trying to be engaged with the crypto and blockchain world.