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Yet Another Source Hints at Crypto Support in Samsung Pay: How the Industry Will React?

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by Julia Sakovich · 4 min read
Yet Another Source Hints at Crypto Support in Samsung Pay: How the Industry Will React?
Photo: Jamie McCall / Flickr

According to the leaked information, Samsung Electronics will launch a cryptocurrency wallet system on its new Galaxy S10 that will be announced in February.

Will Samsung really add crypto support to its new phone? The community has already started to discuss this issue.

First Rumors

The first time we have heard about such an initiative of this Korean electronics manufacturer in December. According to some leaked information, the company was planning to launch a blockchain smartphone that would be able to provide both hot and cold crypto wallets services and to support transactions for Bitcoin, Ethereum, and other major digital currencies.

Though it was clearly revealed by some unnamed sources that all these features would be available in Galaxy S10, the company didn’t want to make any official comments. But at the same time, it is known that Samsung filed a number of trademark applications for the Blockchain key box, Blockchain KeyStore, and Blockchain Core in the European Union.

Then, some days ago, the community had an opportunity to see real-life photos of the Galaxy S10 and got some more details on the Samsung Blockchain KeyStore functionality of the phone. According to the report, the announcement of the Galaxy S10 will take place on February 20.

New Details

Now some more information about Samsung’s initiative to support crypto has leaked. It is believed that the company will bring cryptocurrencies into its ecosystem via its flagship digital payments platform known as Samsung Pay.

If all the rumors are correct, Samsung Pay will add blockchain technology to the Galaxy S10. It’s also worth mentioning that Samsung  Pay is gaining incredible popularity not only in Korea but in many other corners of the world as well.

Given this fact, it obvious that the addition of crypto support in Samsung Pay has all chances to become an engine of the mass adoption of crypto and encourage people to use them for making payments for goods and services.

However, Samsung won’t be a pioneer in launching a mobile wallet for virtual currencies. Syrup mobile payment service by SK Planet already has a similar wallet. But it is believed that Samsung will offer more opportunities for its users as its new smartphone will have both a cold wallet for Bitcoin and other coins and a hot one that will support transactions.

Possible Impact

In South Korea alone, Samsung Pay is used by more than 10 million people to settle day-to-day payments. And it makes it one of the leaders of the country’s digital payment sector.

Taking into consideration the popularity of the app, we can easily make a conclusion that its expanded functionality won’t remain unnoticed for the crypto world in general.

Speaking to the media on the issue, an industry official explained:

“The arrival of the new Samsung phones could start popularization of the cryptocurrency wallet system in Korea.”

Since the previous year, Samsung has started to express its interest to a possibility to use cryptocurrencies in commerce.

Earlier, it has been already noted by the company that mobile devices can provide more security for storing cryptocurrencies thanks to the presence of a Trusted Execution Environment (TEE).

If Samsung Pay really adds the support of crypto to its functionality, it will become a significant milestone for the company and industry in general. A great number of people today view cryptocurrencies as an efficient and alternative means of payment method and will eagerly prefer them to traditional systems.

What’s more, KakaoPay, another leading payment system in Korea, is also showing its interest to alternative payment options. It is collaborating with UPbit cryptocurrency exchange to add the support for the trading platform.

As we can see, two major digital payment apps in the country have different strategies but they both are trying to enter the crypto sphere. It makes industry experts believe that in the future crypto infrastructure could be seriously enhanced.

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