Samsung is considering the integration of cryptocurrency payments into Samsung Pay, according to the South Korean mainstream media outlet Business Korea.
Samsung Pay, a service similar to Apple Pay, reportedly accounts for around 80 percent of the market share for payments in South Korea. The potential integration of cryptocurrency assets is seen as a strategy for Samsung to expand its user base.
Keen on Crypto
South Korea is known to have a demographic with a high percentage of the younger generation keen on cryptocurrencies.
Samsung has previously established its own blockchain task force that has led various initiatives including the recent introduction of the Samsung Blockchain Wallet. The cryptoasset wallet was integrated by Samsung into its flagship Galaxy S10 device in March, with support for Ethereum-based tokens.
Moreover, the blockchain task force has recently transitioned into a full business division within the company, further cementing Samsung’s positive stance on cryptocurrencies.
Samsung Embracing Blockchain
There has been speculation that Samsung will be looking to use the blockchain technology for its Samsung Pay transactions, in order to reduce fees. With reports suggesting that Samsung is already exploring the possibility of launching a blockchain network with its own token on the Ethereum blockchain, the tech giant is expected to continue expanding its business scope.
The development of the Samsung Wallet, integration of cryptoassets into Samsung Pay, and developing its own blockchain network, the company could be looking to become a big player in the FinTech industry and targetting the global financial services market.
Will you use cryptocurrencies for payments when it gets integrated into Samsung Pay? Let us know your thoughts in the comments below!