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Even though the cryptocurrency trading market remains in a persistent bear market for the past year, Samsung has indicated it may feature a cryptocurrency wallet in its Galaxy S10 flagship smart phone.
Reports suggest that it will be integrated through Samsung Pay, which is its flagship digital payments platform.
Samsung Pay has more than 10 million users in South Korea alone, who utilise the app to settle day-to-day payments. It dominates the country’s digital payment sector, partly due to its $200 million acquisition of LoopPay which allowed Samsung Pay to use its magnetic secure transmission (MST) technology, an alternative to NFC that is used by Apple Pay and KakaoPay.
Although Samsung has not released an official statement regarding the rumours of a potential crypto wallet launch, it absolutely makes sense:
- The innovation will support the mainstream adoption of cryptocurrencies, not only in the Korean market, but at a global level.
- Samsung will boost its appeal to millennial users who perceive cryptocurrencies as an efficient and alternative means of payment method over traditional systems.
- Cryptocurrency users will benefit from a native app that prioritizes security vs downloading unknown apps from a less trusted source.
Of course, if Samsung Pay is involved, my expectation is that in time, users will be able to not only securely store their crypto, but also seamlessly pay with it at any location where Samsung Pay is accepted. Therefore, industry experts foresee a significant improvement in the infrastructure supporting cryptocurrencies.
Now, that’s big news indeed.
Max Savransky is Loyalty Director of Loyalty & Reward Co, a leading loyalty consulting firm based in Sydney. He has 10 years’ experience within the loyalty industry including roles at Mastercard Loyalty (Pinpoint), Silverneedle (Next & Sage Hotels) and Pureprofile. As Loyalty & CRM Manager at HOYTS, he launched the highly successful partnership with Qantas Frequent Flyer, including a world-first Qantas Points in-store redemption proposition. He is an active cryptocurrency trader.
Max regularly contributes to www.blockchainloyalty.io, a global resource centre for everything blockchain loyalty.