Samsung Pay Crypto Asset Payment Option Addition is Coming Soon According to Business Korea
- Samsung Pay may soon be adding crypto assets to available payment option.
- Adding more cryptocurrencies to the Blockchain Wallet would promote mainstream adoption.
Samsung is making major progress in the cryptocurrency world lately. Mainstream media outlet Business Korea reported that Samsung Electronics is now adding crypto assets to their digital wallet Samsung Pay. Presently, Samsung Pay accounts for about 80% of the simple payment market. By adding crypto assets to the payment options available to users, Samsung is expecting to urge along the industry’s mainstream adoption.
The Korea Herald, back in November, said that there was a 58% increase in the year-over-year user base for Samsung Pay. An industry tracker called WiseApp discovered that Samsung Pay came up as the most widely used financial application by the end of 2018, featuring 10.4 million users, which is equivalent to about 20% of South Korea’s population. The platform only had 6.6 million users in 2017.
Samsung Pay acquired LoopPay for $250 million, which made it possible for the platform to add the technology they need to pass Android Pay’s and Apple Pay’s performance. Samsung Pay now plans to secure more users by integrating crypto assets, according to the local reports.
The Samsung Blockchain Wallet was already integrated as a crypto asset wallet in February, which was added as a standard program for the Galaxy S10 smartphone. With the wallet, users can send, receive, and store cryptocurrency safely. According to the mainstream media outlet Donga, it is likely that crypto will be added to the Samsung wallet to capitalize on this success.
Translated by CCN, the monthly report stated that the transaction period for overseas users has been extended by Samsung Pay, and that their new payment processing service has been an effort to target the global financial services market. Right now, the publication stated that adding a cryptocurrency wallet to the Samsung Pay app would make it a “complete fintech platform.” So far, the Samsung Blockchain Wallet allegedly supports Ethereum, but it is likely that the company will add other assets as they see how Ethereum performs.
If the rumors about the additions to Samsung are true, then cryptocurrency would become substantially easier for users to spend. There are reports that major companies like AT&T are already accepting crypto assts as a payment method. Considering that merchant adoption has been a priority for the crypto industry, the proactive stance that Samsung, AT&T, and others are making should push this effort along.
Some reports are spreading rumors that Samsung will ultimately launch their own blockchain network with their own token. However, there is no confirmation from Samsung that this is direction that the company is going.