Samsung is all set to integrate cryptocurrencies on its popular mobile payments platform Samsung Pay. Lately, the South-Korea based tech giant has launched its new Galaxy S10 handset that features a built-in blockchain wallet. Also, Samsung Knox, the company’s proprietary defense platform, contains the private key to securely store the digital assets.
Apparently, Samsung has also joined hands with Enjin – the leading blockchain protocols – for its blockchain wallet. However, the most prominent developments to have generated by Samsung is the integration of cryptocurrencies in Samsung Pay. Currently, there are over 10 million active global users that are using the Samsung Pay payments application.
Samsung Pay All Set to Integrate Cryptocurrency
Last Friday on 8th March, Donga, South Korea’s popular mainstream media outlet, reported that Samsung Pay is considering to integrate cryptocurrencies in its platform as part of the company’s plan to expand its large user-base on a global level.
As per another report published by Donga, it was evident that cryptocurrency integration will help Samsung pay in the long run, solidifying its position as a fintech platform.
The same report also stated that Samsung Pay is aggressively aiming for the global financial services market. In fact, Samsung Pay has lately integrated a global payment processing service while prolonging the transaction period for overseas users.
Further to that, the report states that Samsung Pay will be strengthened as a complete fintech platform as soon as a cryptocurrency wallet is added to the application. Presently, the Samsung blockchain wallet is said to be supporting Ethereum but several other cryptocurrencies are expected to be integrated in the near future.
Samsung Pay stepped up the ladder of success in the last few years owing to the platform’s new product launches and acquisitions. In fact, some smart decisions have really helped Samsung Pay stand firm among its competitors in the mobile payments market. This is why Samsung Pay’s massive user base is considered helpful in the mass adoption of cryptocurrencies as it will help the platform reach higher levels.
Cryptocurrency Integration – a Step Towards Mass Adoption
Analysts have predicted that Samsung Pay can reach new levels of success and growth after the addition of crypto payment services on its platform. Further to that, the platform will also help in the mass adoption of cryptocurrencies, given its gigantic user base.
Crypto enthusiasts and all those interested in crypto investments would really be pleased by the step taken by Samsung Pay. Let us tell you that Samsung Pay is not the first mobile payment service to consider taking this step.
Square Cash integrated Bitcoin payments in its platform back in 2017 and has not looked back ever since. Once Bitcoin integration was made successful, Square Cash witnessed immense growth in its platform, becoming the leading platform for crypto payments.
Similarly, analysists are hopeful that Samsung Pay’s cryptocurrency integration will serve as a step towards mass adaption, helping the platform witness unprecedented growth in the coming future.
Several leading tech organizations are gradually warming up to the idea of integrating cryptocurrency payments to their platforms. Facebook, the social media giant, has also announced the plans to launch its own Facebook cryptocurrency across the entire suite of messaging applications.