According to recent reports, Samsung Electronics is integrating digital assets into Samsung Pay and thus increasing crypto assets mainstream acceptance and its user base.
Reportedly, Samsung pay accounts for eighty percent (80%) of the total South Korean market of simple payment. Recently, the company has been making headlines for its move of integration of digital currency to Samsung Pay. Furthermore, Mobile business division’s blockchain task force (TF) has been transferred to the service business division by the company.
Samsung Pay recorded a fifty-eight percent (58%) increase in its user base in November 2018. According to an industry tracker WiseApp, Samsung Pay was the most widely used financial application in 2018, with over 10.4 million users. The platform had about 6.6 million users in 2017.
Based on the analysis of local reports, the integration of crypto assets seems to be the strategy of Samsung Pay to expand its existing user base. A crypto asset wallet called Samsung Blockchain Wallet was integrated by Samsung into its flagship Galaxy S10 device in February. Which allows its users to keep, send and receive digital currencies from the device’s built-in-wallet securely.
Reportedly, Samsung Pay recently integrated an International payment processing service and extended the transaction period for the overseas user; this move targeted the global financial services market.
At this pace of development, upon addition of Samsung Wallet, the application will strengthen the platform into a complete Fintech.
Samsung Blockchain Wallet is currently supporting Ethereum, but other digital currencies are also expected to be integrated in the near future.