Business Korea reports that one of its tech giants, Samsung, is planning on integrating cryptocurrency into its Samsung Pay feature. This plan is a step up for many consumers and paves the future for cryptocurrency.
Samsung Pay is an all too familiar service for many Samsung and Android users. The feature is also similar to Apples Apple pay feature, allowing its users to pay with ease and convenience. To date, Samsung Pay plays a significant role in the market share of South Korea, as their transactions account for 80% of payments. The step to integrate cryptocurrency in Samsung pay will potentially increase Samsung’s market share, but also expand its users.
There’s no doubt that Samsung Pay will be a hit in South Korea. The country’s demographics show that they have a large percentage of the young generation, who prefer cryptocurrencies today. Samsung, in its previous stints, successfully established their task force for blockchain. The initiative leads to the creation of Samsung Blockchain wallet. The wallet was said to have been integrated with its Galaxy S10 flagship device, last March. Further, the portfolio supports token which is ethereum based.
To seal the future of Samsung in the cryptocurrency market, Samsungs blockchain task force is now a business division. This move cements the future of Samsung, and show positive signs that consumers can expect cryptocurrencies with the company.