Samsung Pay integrates cryptocurrency for 10 million users

Even before the official announcement of Samsung Electronics on the launch of the Samsung Blockchain Wallet, local publications speculated that Samsung Pay could be behind the high-profile crypto integration for the Galaxy S10.

Industry sources reportedly told the publication that Samsung Pay, a widely utilized digital payments application with over 10 million active users, is behind the Galaxy S10’s cryptocurrency wallet.

On March 8, three weeks following the release of the Samsung Blockchain Wallet, Donga, one of the largest mainstream media outlets in South Korea, reported that Samsung Pay considers cryptocurrency integration as a way to expand its user base internationally.

Since its inception, Samsung Pay has competed headfirst against other digital payments applications like Apple Pay and KakaoPay in innovation and technological development.

In 2015, Samsung Pay acquired LoopPay for $250 million, an acquisition that had seen mixed reactions from industry analysts.

The acquisition allowed Samsung Pay users to process payments by hovering the phone over point of sale (PoS) terminals, providing the platform an edge over its competitors in user experience.

Similar to the integration of Bitcoin by Square Cash, Samsung Pay could benefit from cryptocurrency integration and appeal to millennial and digital asset users. Since Square integrated Bitcoin in late 2017, the market valuation of the company has increased by 516 percent, evolving into a payments behemoth.

Samsung Pay Will Integrate Cryptocurrencies for 10 Million Users: Report, CCN, Mar 10