Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Samsung Pay’s massive global user base can help in the mass adoption of digital currencies and can possibly offer an exponential growth to the payments platform.
South Korea-based tech giant Samsung is taking bold measures in getting cryptocurrencies to the smartphone ecosystem. Recently, the company launched its Galaxy S10 handset featuring a built-in Blockchain Wallet. Also, Samsung’s proprietary defense platform, Samsung Knox houses the private key for the secure storage of digital assets.
Furthermore, Samsung has supposedly partnered with leading blockchain protocols Enjin for its blockchain wallet. In another development, Samsung is likely to integrate cryptocurrencies on its popular mobile payments platform Samsung Pay. Currently, the Samsung Pay payments application has over 10 million active users globally.
Samsung Pay Cryptocurrency Integration
On Friday, March 8, South Korea’s popular mainstream media outlet Donga reported that as part of Samsung’s plan to expand its user-base globally, Samsung Pay is most likely to integrate cryptocurrencies.
Shin Donga published another report titled “Crypto, Flying Away With Samsung Pay on its Back?,” showing how cryptocurrency integration will help Samsung Pay. The publication notes that with this integration, Samsung Pay will strengthen its position as a fintech platform.
It states that Samsung Pay is aggressively targetting the global financial services market. Also, Samsung Pay has recently integrated a global payment processing service while extending the transaction period for overseas users. It further adds that
“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”.
The success recipe for Samsung Pay’s success in the last few years is the platform’s new product launches and acquisitions. Some smart decisions have helped Samsung Pay to sail through this competitive mobile payments market. Samsung Pay’s $250 million acquisition of LoopPay has given the platform an upper-edge among its competitors.
With this acquisition, Samsung Pay users could process payments just by hovering the smartphone over the Point-of-Sale (PoS) terminal. This proved to be highly successful in terms of providing the users with a seamless and convenient payments experience. The Donga report states that Samsung Pay has added a staggering 6.6 million users on its platform between 2017 to 2018.
Crypto Integration – a Step Towards Mass Adoption
Analysts predict that the addition of crypto payment services on Samsung Pay can put the platform on a higher growth trajectory. Furthermore, considering its massive user base, it will also lead to the mass adoption of digital currencies.
This step by Samsung Pay is quite appealing to millennials who resonate with the idea of crypto investments and crypto use. Integrating Bitcoin payments in 2017 has proved highly successful for the Square Cash. Post this integration; Square has registered a massive 516 percent growth making it a leading platform for crypto payments.
Analysts are hopeful that Samsung Pay’s crypto integration will help the platform with a similar kind of growth rate. Big tech organizations are slowly warming up to the idea of integrating crypto payments to their platform. Social media giant Facebook also plans to bring its native cryptocurrency across the entire suite of messaging applications.