Samsung intends to add the possibility of making crypto transactions to Samsung Pay. This company holds 80 percent of the payments market shares in South Korea and offers services similar to that of Apple Pay. Samsung wants to prepare the infrastructure for activities of its users and increasing their number by adding cryptocurrencies to its payment service. This strategy and planning in a country whose youth are very willing to use cryptocurrencies is considered a very good idea.
The Young Generation of South Korea is Interested in Cryptocurrencies
According to different statistics, the young generation of Koreans are very interested in being in the crypto world. As such, Samsung has an ideal opportunity at its hands. Samsung can use this interest for its further development by finding out more precisely about its potential and actual customers’ demographics. In addition to the measures that are going to be taken to add cryptocurrencies to Samsung Pay, this company has also taken other measures in the field of Blockchain and cryptocurrencies. For example, the launch of Blockchain-based wallet can be referred to. This wallet is implemented in the latest cellphone model of Samsung, which is Samsung Galaxy S10 and supports Ethereum-based tokens. All of these measures and projects indicate that the Korean company Samsung is interested in doing activities in the field of cryptocurrencies, and it has long-term plans for it.
Samsung Will Use Blockchain
Some experts believe that Samsung’s interest in using cryptocurrencies in Samsung Pay is due to the decrease in the management costs of this infrastructure. However, the truth is much more complicated and extensive than that. In fact, the company of Samsung has long-term planning toward using cryptocurrencies and Blockchain, in a way that there is even news about Samsung offering its own Ethereum-based token on the Blockchain infrastructure. This company’s implementation of services and capacities of Blockchain can bring it to the international markets active in the field of cryptocurrencies. The payment industry and new technologies such as Blockchain are really looking forward to the presence of companies such as Samsung. Companies that are seriously and strategically looking to implement cryptocurrency and the world to which they belong.
The Role of Samsung and Other Companies Is Important in the Growth of Blockchain
The presence of Samsung and similar companies in the crypto market and Blockchain-based technologies indicates that large brands in the world have realized the importance of cryptocurrencies and Blockchain. If Samsung continues to go down its path toward implementing new technologies with the same seriousness, it can be an important factor in the world of fintech. Another important point that comes to mind with the presence of large companies in the field of cryptocurrencies is the fact that they will become more applicable and tangible. This means the more brands like Samsung show the world the simpler and more versatile applications of cryptocurrencies and Blockchain; more people will find out about them. As a result, the maturation cycle of cryptocurrencies and Blockchain will move toward maturation faster.
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