According to a local news outlet, Samsung considers using cryptocurrency payment. The report, however, made no mention of what cryptocurrencies Samsung Pay could support, but it will likely be the firm’s in-house digital asset.
May 27, 2019, | AtoZ Markets - Samsung is making major progress in the cryptocurrency world lately. The South Korean tech giant Samsung Electronics is reportedly looking to integrate cryptocurrencies to its Samsung Pay application, as reported by Business Korea. Samsung Pay network purportedly sports over ten million active users and constitutes more than 80% of South Korea’s payment market, making it much like the WeChat Pay of the nation.
Cryptocurrency payment could be added to the Samsung Pay App
The news outlet chalks this up to the fact that the tech giant recently allocated resources from its blockchain task force to its service business division. What’s more, the integration of this newfangled technology makes sense. Business Korea explains that if blockchain got thrown into the Samsung Pay mix, it would not only increase the adoption of the service but would make the user experience much more streamlined, especially in terms of fees and transaction times.
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 theGalaxy 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.
For those unaware, sources have recently told CoinDesk Korea that Samsung is working on an iteration of the Ethereum blockchain that will host a company-backed cryptocurrency, fittingly dubbed “Samsung Coin” for now. It has been suggested that this chain will act much like JP Morgan’s Ethereum-esque Quorum.
Cryptocurrency adoption is happening
Amid countless cynics, crypto adoption is happening right now. Shortly after the Samsung news came to light, AT&T revealed that it would be accepting Bitcoin payments for its services through the Atlanta-headquartered BitPay. Per a press release, AT&T is now the first “major U.S. mobile carrier” to provide its millions of customers with the ability to purchase services for cryptocurrency.
Speaking on the matter, Kevin McDorman, vice president of AT&T Communications’ Finance Business Operations unit drawled:
“We’re always looking for ways to improve and expand our services,” McDorman said in a statement. “We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.”
This comes after Tor began to accept nine cryptocurrencies, Avnet also joined hands with BitPay, and Flexa revealed that it would be making Bitcoin and other cryptocurrencies available to spend in the Amazon-owned Whole Foods.
And all this adoption is what will drive this budding market forward. As Willy Woo postulated in a recent tweet, whenever common Joes and Jills sell Bitcoin to buy a good or service, “thousands more will see it and consider buying a few thousands of BTC as an investment.” As Woo concludes:
“Everyone keeps debating why accept [Bitcoin] as a currency. TLDR; ‘who cares, it’s the marketing exposure it generates.’ It adds to the Bitcoin SoV borg effect.”
Some have speculated that the tech giant Samsung will ultimately launch their own blockchain network with their own token. However, there is no confirmation from Samsung that the company is going to take this direction.
Will you use cryptocurrencies for payments when it gets integrated into Samsung Pay? Let us know your thoughts in the comments below!