Discussions about the Samsung Blockchain Wallet are heating up. Back in the end of January, Coinstaker reported about the new Galaxy S10’s plan to integrate cryptocurrencies. Now it seems that even more evidence is supporting the rumors that Samsung Pay will play a huge role.
The Samsung Blockchain Wallet was formally released on February 21st. That being said, there was nothing at the time linking the wallet and Samsung Pay. The widely utilized digital payment app has over 10 million active users and everything points that it’s behind the blockchain wallet.
With the arrival of the new series of Samsung phones, crypto wallets can begin to see increased popularity in Korea. On March 8th, one of the biggest media outlets in South Korea, Dong-A, did a report on Samsung Pay. The report mentioned that the key reason for Samsung Pay to be interested in crypto integration is to expand its international user base.
Shin Dong-A is the oldest and most popular magazine in South Korea. The March edition talked about how the strong crypto support will help Samsung Pay grow as a fintech platform. Also, recently an international payment processing service was integrated. This has been seen as many analysts as an aggressive move which is targeting the global financial services market.
Samsung Pay is currently considering options
At the moment, a crypto wallet being added would result in the app strengthening as a complete fintech platform. Rumors are that the Blockchain Wallet is currently supporting Ethereum and more cryptocurrencies are to be integrated in the near future.
Samsung Pay has been highly competitive ever since its inception. Its main rivals are ApplePay and KakaoPay. Back in 2015, Samsung Pay made a high-profile acquisition when it purchased LoopPay for the sum of $250 million.
The acquisition has received mixed views from most analysts but it allowed Samsung Pay’s users to process payments by placing it over point of sale (PoS) terminals. This user experience gave a huge advantage to the platform over its competitors. Donga’s report shows that Samsung Pay has recorded a user growth rate of over 58% from 2017 to 2018.
If we look at highly aggressive and successful strategy of Samsung to purse aggressive acquisitions and to integrate emerging technology, it’s no surprise that South Korean analysts predict that Samsung Pay will take a leading role in the crypto sector.
Following the way Square Cash integrated bitcoin, Samsung Pay can benefit immensely from crypto integration and millennial interest. While bitcoin hasn’t necessarily been a key component in Square’s growth, it played a very important role in creating an initial user base. This resulted in a snowball effect which allowed the company the grow in the following months.
Back in April 2018, Samsung Pay had over $18 billion in transaction volume. With the upcoming crypto integration, mainstream adoption will be a great option for many merchants.
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