Samsung Pay and Crypto Integration

The Korea Herald reported on 29 January 2019 that Samsung will be integrating a cryptocurrency wallet into the Galaxy S10. 

That was a month before the actual launch of the wallet, on 21 February, with many stating that Samsung Pay, a widely utilized digital payments application with over 10 million active users, is behind the Galaxy S10’s cryptocurrency wallet. “The arrival of the new Samsung phones could start popularization of the cryptocurrency wallet system in Korea,” one analyst said. Donga, one of the biggest media outlets in South Korea, explained that Samsung Pay considers cryptocurrency integration as a way for Samsung to expand its user base and to strengthen Samsung Pay as a fintech platform. 

The report put out an article titled entitled “Crypto, Flying Away with Samsung Pay on its Back?” in its March edition, which said that cryptocurrency support will strengthen Samsung Pay as a fintech platform. 

The report, translated by CCN, read: “Samsung Pay has recently extended the transaction period for overseas users and integrated an international payment processing service, aggressively targeting the global financial services market.” Currently, the Samsung Blockchain Wallet is only accommodating Ethereum, but more cryptocurrencies are expected to be integrated in the near future, in line with Samsung’s earlier acquisitions and product launches.

 From the outset, Samsung Pay has competed headfirst against other digital payment applications like Apple Pay and KakaoPay in innovation and technological development. In 2015 there was the acquisition of LoopPay for $250 million. 

This particular acquisition had met mixed reactions from industry analysts. The acquisition allowed Samsung Pay users to process payments by hovering the phone over a point of sale (PoS) making it the most user-friendly system to date. The article in Donga’s March issue revealed that the user base of Samsung Pay has grown by 58% from 2017 to 2018, by 6.6 million users. 

With the rigorous and well-documented strategy adopted by Samsung to pursue aggressive acquisitions, product launches, and the integration of newly emerging technologies, many in the know believe Samsung Pay will take a lead in the cryptocurrency sector. 

Mutually Beneficial Situation Samsung Pay could benefit from cryptocurrency integration and appeal to millennial and digital asset users because of its mobility. 

Previous such projects have proven beneficial for the tech company, for example, since Square integrated Bitcoin in late 2017, the market valuation of the company has increased by 516%.

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