Samsung is acknowledged as the synthesis of cryptocurrency payments into Samsung Pay, according to the South Korean popular media channel Business Korea. Samsung Pay, a payment system similar to Apple Pay, apparently estimates for around 80% of the financial share of the transactions in South Korea. The possible integration of cryptocurrency assets is seen as a plan for Samsung to develop its user base. South Korea is known to have a populatory demographic with a high portion of the younger generation enthusiastic on cryptocurrencies.
The progress of the Samsung Wallet, synthesis of crypto assets into Samsung Pay, and developing its blockchain network, the company could be contemplating to become a significant player in the FinTech industry and targetting the global financial services market.
Samsung has previously established its blockchain task force that has led various initiatives, including the recent debut of the Samsung Blockchain Wallet. The crypto asset wallet was blended by Samsung into its flagship Galaxy S10 device in the late spring, with assistance for Ethereum-based tokens. Moreover, the blockchain task force has recently evolved into a full marketing section within the company, further bonding Samsung’s assertive stand on cryptocurrencies. There has been considered that Samsung will be seeking to utilise the blockchain technology for its Samsung Pay sales, to lessen fees. With reports hinting that Samsung is already examining the chance of launching a blockchain system with its token on the Ethereumblockchain, the tech-giant is duly anticipated to continue developing its business expanse.