Crypto markets around the globe are expanding by the day, and every company wants their share in the pie. Giant corporations like IBM, Microsoft, Facebook, etc. are taking serious efforts to capitalize on the immense opportunities the crypto markets have in store for them.
Samsung is one such company, and it has a big advantage over its competition. The global smartphone manufacturing leader is striving hard to integrate crypto payments with Samsung Pay. The company recently in incorporated the Samsung Blockchain KeyStore and the Samsung Blockchain Wallet in its latest and greatest offering, Galaxy S10.
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The smartphone manufacturer will have a big advantage if it integrates its blockchain based services with Samsung Pay because of the sheer size of the payments platform. Samsung’s mobile payments platform currently accounts for over 80% of South Korea’s simple payments market. The platform has over 1,000 banks and credit unions on-board, which speaks enough about its global acceptance. Currently, Samsung Pay is used by over 10 million users worldwide.
Once the integration is completed entirely, Samsung will become the leader in mobile crypto payments. The company sells more smartphones than any other manufacturer, which gives it a clear advantage in terms of user reach. Samsung recently acquired LooPay, a blockchain based payments platform, for $250 million, which will further equip Samsung Pay with required tech for crypto payments.
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This gives Samsung Pay an edge over its primary rivals, Apple Pay, and Google Pay. Samsung is reportedly also looking to carve out a niche for its in-house payments platform, to attract new users. The Samsung Blockchain Wallet on the Galaxy S10 currently supports crypto payments. However, very few cryptocurrencies are integrated. Once Samsung Pay steps on the company’s crypto dream, more and more tokens will be roped in on Samsung’s blockchain ecosystem.
