Rumors say that Samsung will integrate the Samsung Pay payment system with the native crypto wallet of the S10 line-of-devices. With the confirmation of the rumor, 10 million payment system users can use cryptocurrencies in their operations. Thus, they have the potential to process US$ 18 billion annually, leading the cryptocurrencies to a giant adoption.
According to a report in the Korean newspaper DongA, if the information is correct, the Samsung Pay can strengthen as a fintech. However, the current crypto wallet integrated into the smartphones of the company only works with ethereum. Therefore, there is a forecast that other cryptocurrencies will be added to it.
The recent acquisitions and launches of the company show the wish for the integration of the wallet with Samsung Pay. In 2015, South Korea acquired digital payments firm Loop Pay for US$ 250 million. The acquisition allowed system users to make payments by bringing the handset closer to the terminals at points of sale.
Leadership in cryptocurrencies
Given Samsung’s strategy of aggressive acquisitions, product launches and integration of new technologies, analysts believe that Samsung Pay should seek leadership in the cryptocurrencies field.
Therefore, with the confirmation of this information, South Korea is in front of its main competitor, Apple. The company hasn’t announced any plan to integrate crypto-technology in its system. However, the giant of Cupertino isn’t completely out of this subject. Recently, the company submitted to the SEC a document that seems to describe a blockchain structure aimed at securing the origin of raw materials.