Samsung Pay Will Or Won’t Add Cryptocurrency: Report

Samsung Electronics Inc. has not even filed an official statement yet, while the South Korean news outlets are already speculating Samsung Pay will integrate crypto in Galaxy S10.

Samsung Pay in Korea

Samsung Pay is a mobile payment service launched by Samsung Electronics in the middle of 2015. In the same year, Samsung Pay bought LoopPay for $250 million which allowed users to process payments on point of sale (PoS) terminals. Moreover, that acquisition helped to invent MST (Magnetic Strip Technology). Later, Samsung Pay announced about launching LoopPay Valet – a low cost contactless payment IoT device.

From 2017 the use of Samsung Pay among the South Korean people has been growing instantly, exceeding 6.6 million users, that is 12% of the whole nation population.

Source: Wiseapp.co.kr

As we can see from the picture above, the most popular app in the South Korea is Youtube. The second place is occupied by Samsung Pay which proves that the power of such application is big in the country.

Many analysts think that if Samsung Pay integrates cryptocurrency inside, that will be a hit.

Samsung Pay’s Crypto Integration

The rumours about Samsung Pay implements crypto wallet in its app started in late January, when The Korea Herald published an article. One month before an official statement, industry sources claimed that Samsung Pay is behind the Galaxy S10’s cryptocurrency wallet, and that it can begin the cryptocurrency adoption in the country.

On March 8, one of the largest mainstream media outlets in South Korea, Donga, published a report  “Crypto, Flying Away With Samsung Pay on its Back?” saying that Samsung Pay allegedly integrate cryptocurrency to expand its user base internationally. It also says that it will strengthen Samsung Pay as a fintech platform. However, there is no official statement of Samsung Electronics regarding this issue.

The report says:

“Samsung Pay has recently extended the transaction period for overseas users and integrated an international payment processing service, aggressively targeting the global financial services market. At this phase of development, if a cryptocurrency wallet is added to Samsung Pay, the application will be strengthened as a complete fintech platform. Currently, the Samsung Blockchain Wallet is said to be supporting Ethereum but more cryptocurrencies are expected to be integrated in the near-term.”

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