Samsung Pay may add cryptocurrency support
In late February, Samsung Electronics announced the official release of the Samsung Blockchain Wallet, and a month earlier, in January, several Korean media suggested that the version of a new product could be associated with the Samsung Pay payment system, which has more than 10,000,000 users.
Three weeks later, on March 8, Donga's regional resource announced a possible integration by Samsung Pay of digital currency support, suggesting that such a move could significantly strengthen the position of Samsung Pay as a payment platform.
Samsung Pay mobile payment service was launched in 2015 and quickly made competition to other payment applications. In the same year, Samsung Pay acquired a startup LoopPay, thanks to which application users had the opportunity to create not only contactless NFC payments but also pay for goods and services through POS terminals that support only magnetic cards. This added Samsung Pay extra advantage over other applications, including Apple Pay.
In the period from 2017 to 2018, the Samsung Pay user base increased by 58%. According to analysts, Samsung Pay has every chance to take one of the leading positions among cryptocurrency companies.
In April 2018, a record transaction volume of $ 18 billion was recorded on the platform. Not surprisingly, the addition of crypto support can play an essential role in the distribution of cryptocurrencies. The Samsung Pay service itself will also receive significant benefits from this since representatives of the 2,000th generation and users of cryptocurrencies will join the platform.