According to South Korea's mainstream media Business Korea, Samsung Electronics is preparing to integrate cryptographic assets into Samsung Pay. According to reports, Samsung Pay accounts for about 80% of Korea's simple payment market share, and the integration of encryption assets is expected to increase the mainstream adoption of this asset class.
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Samsung Electronics seems to be taking action to integrate cryptocurrencies into Samsung Pay. Samsung Pay accounts for 80% of the Korean simple payment market. The company recently moved the Blockchain Working Group (TF) of the mobile business unit to the service business unit.
What impact will Samsung Pay's integration have on cryptographic assets?
In November 2018, the Korea Herald reported that the user base of Samsung Pay increased by 58% year-on-year.
Industry tracking agency WiseApp found that at the end of 2018, Samsung Pay was the most widely used financial application in Korea with 10.4 million users. In 2017, the platform had approximately 6.6 million users.
10 million users account for about 20% of the total population of South Korea. The platform also has many overseas users. The application is used for magnetic security transmission (MST), allowing users to hover over traditional point-of-sale (PoS) terminals. transaction.
Samsung Payment > Apple Payment and Android Payment
Samsung acquired LoopPay for $250 million, enabling Samsung Payments to equip this newly developed technology and gaining an edge over Android Pay and Apple Pay.
The next strategy for Samsung Pay seems to be to consolidate cryptographic assets based on local reports to gain a niche market and expand its existing user base.
In February, Samsung has integrated a crypto asset wallet called Samsung Blockchain Wallet into its flagship Galaxy S10 phone, allowing users to securely hold, send and stream from their built-in wallets. Receive cryptocurrency.
In March of this year, another mainstream media in South Korea, Donga, reported that following Samsung Electronics, Samsung Pay may integrate cryptocurrencies in the next step. According to the full text of the East Asian Monthly News, the translation is as follows:
“Samsung Payment recently extended the trading period for overseas users and integrated an international payment processing service to actively target the global financial services market.
In this development phase, if the cryptocurrency wallet is added to Samsung Pay, this app will be enhanced as a complete financial technology platform. Currently, the Samsung blockchain wallet is said to support Ethereum, but it is expected to integrate more cryptocurrencies in the near future. ” Under the leadership of Kim Yong-jae, vice president of the services division, the Samsung Blockchain Task Force led a number of initiatives, including the recently launched Samsung blockchain wallet to increase the accessibility of cryptocurrencies.
It is reported that Samsung is already exploring the possibility of launching its own token blockchain network in the Ethereum blockchain agreement, and it is expected that the electronics giant will continue to advance its plans for this fast-growing industry.
A source disclosed:
“The Samsung Blockchain Task Force has produced several models and is evaluating them. After some internal testing, several platforms are already running.”
Reports that Samsung Pay may integrate cryptographic assets were released after big companies such as AT&T consolidated cryptocurrencies into a payment method that would make it easier for ordinary users to use cryptocurrencies.
For many years, commercial applications have been a key area of cryptocurrency, but there has been a lack of application and progress. Positive measures taken by companies such as AT&T and Samsung are expected to increase merchant usage in the long run.