Samsung To Integrate Crypto Into Their Samsung Pay Wallets

According to recently published news, Samsung Electronics is all set to integrate digital assets into Samsung Pay. This, due to Samsung’s colossal market base, will also help in increasing crypto assets’ mainstream acceptance and its user base. The reports also say that Samsung pay accounts for eighty per cent (80%) of the total South Korean market of simple payment.

The company, of late, has also been making headlines for its move of integration of digital currency to Samsung Pay. Moreover, the Mobile business division’s blockchain task force (TF) has been transferred to the service business division by the company. Samsung Pay recorded a fifty-eight per cent (58%) increase in its user base in November 2018.

As per an industry tracker WiseApp, Samsung Pay was the most widely used financial application in 2018, with over 10.4 million users. The platform had about 6.6 million users in 2017. Based on the analysis of local reports, the integration of crypto assets seems to be the strategy of Samsung Pay to expand its existing user base. Samsung integrated a crypto asset wallet called Samsung Blockchain Wallet into its flagship Galaxy S10 device in February. Which allows its users to keep, send and receive digital currencies from the device’s built-in-wallet securely. Reportedly, Samsung Pay recently integrated an International payment processing service and extended the transaction period for the overseas user; this move targeted the global financial services market. At this pace of development, upon addition of Samsung Wallet, the application will strengthen the platform into a complete Fintech. Samsung Blockchain Wallet is currently supporting Ethereum, but other digital currencies are also expected to be integrated in the near future.

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.