Will Samsung truly add crypto payment to its new innovation? Since the earlier year, Samsung has begun to express its enthusiasm to a probability to use digital forms of money in the Samsung Pay.
The first occasion when we have caught wind of such an activity was in December. As per leaked data, the organization was intending to create a blockchain phone that would almost certainly give crypto wallets administrations and to help exchanges for Bitcoin, Ethereum, and other major digital monetary forms.
In spite of the fact that it was obviously uncovered by some anonymous sources that every one of these highlights would be accessible in Galaxy S10, the organization initially would not make any official remarks. And yet, it is realized that Samsung recorded various trademark applications for the Blockchain key box, Blockchain KeyStore, and Blockchain Core in the European Union.
On January 29, The Korea Herald detailed that Samsung is set to incorporate a digital money wallet into the Galaxy S10, well over a month prior to the formal arrival of the Samsung Blockchain Wallet on February 21.
Industry sources supposedly hinted that that Samsung Pay, a generally used advanced installments application with more than 10 million clients, is behind the Galaxy S10’s digital money wallet.
“The entry of the new Samsung telephones could begin advancement of the digital currency wallet framework in Korea,” an industry official said.
On March 8, three weeks following the arrival of the Samsung Blockchain Wallet, Donga, one of the biggest press outlets in South Korea, revealed that Samsung Pay considers digital currency incorporation as an approach to extend its client base globally. At that point, some days back, there were genuine photographs of the Galaxy S10 and some subtle features of the Samsung Blockchain KeyStore.
As reported by the March release of Shin Donga in an article titled “Crypto, Flying Away with Samsung Pay on its Back?” which highlighted the possibility of cryptocurrency further strengthening Samsung Pay as a fintech platform. As translated by CCN, an excerpt of the article reads
“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.
At this phase of development, if a cryptocurrency wallet is added to Samsung Pay, the application will be strengthened as a complete fintech platform. Currently, the Samsung Blockchain Wallet is said to be supporting Ethereum but more cryptocurrencies are expected to be integrated in the near-term.”
Like the use of Bitcoin by Square Cash, Samsung Pay could profit by cryptocurrency and lay claim to a large base of millennial interested in digital money.
As of April 2018, Samsung Pay recorded $18 billion in exchange volume and experts believe the introduction of crypto by Samsung Pay could fuel the standard appropriation of digital money, particularly in favor of vendors.
If rumors regarding Samsung Pay adding cryptocurrencies are true, it will end up being a critical achievement for the organization and industry when all is said in done.