Can Samsung accommodate its 10 million active users?
Samsung plans to integrate cryptocurrency with its flagship smartphone Galaxy S10 to bolster Samsung Pay as a fintech platform and grow its user base worldwide.
Samsung Blockchain Wallet launched
The company released the Samsung Blockchain Wallet on February 21. According to the report, Samsung Pay just expanded the transaction proceeding for users abroad and fused an international payment processing service that persuasively targets the global financial services industry.
Once a cryptocurrency wallet is combined with Samsung Pay, the app will be reinforced as a complete fintech platform. At this time, Samsung Blockchain Wallet allegedly supports Ethereum. However, more cryptocurrencies are anticipated to be incorporated in the future.
Upon the launch of Samsung’s mobile payment and digital wallet service, Samsung Pay has headlong contended against other digital payment apps such as KakaoPay and Apple Pay in conception and technological advancement.
Samsung’s acquisition of LoopPay
When Samsung Pay accrued LoopPay in 2015 for $250 million, there has been a lot of mixed feedback from market analysts. Users of Samsung Pay were able to handle payments by gliding the device over a point of sale (PoS) terminals. This provides the platform an advantage over its contenders in user experience.
LoopPay is m-commerce (mobile commerce) platform provider that allows retail consumers to pay using their mobile phones. It was established seven years ago in Boston, MA and was the most widely recognized mobile payment
Positive outlook for Samsung Digital Wallet
Industry analysts in South Korea look forward that Samsung’s digital wallet will forge ahead in the cryptocurrency industry. It’s all because of the company’s well-documented and powerful approach to proceed with assertive acquisitions and product releases. It also includes the fusing of newly-developed technologies. The mobile payment service’s user base increased by 6.6 million users or 58% from 2017 to 2018.
Since April of last year, Samsung’s mobile payment service has documented $18 billion in transaction amount. This made analysts suppose Samsung Pay ‘s incorporation of cryptocurrency can boost the majority acceptance of digital currencies particularly on the merchants’ side. It would be a win-win situation both for payment service and entrepreneurs.