Samsung is breaking into the cryptocurrency payments business, and that’s a good thing if you’re one of those people who would eventually like to see the full acceptance of crypto as a payment method throughout the world.

Samsung is using CopPay to make these transactions happen in a few limited markets. However, this is an important step towards the eventuality of cryptocurrency becoming a currency accepted everywhere around the world, and it could trigger more cooperation from the retail industry in accepting cryptocurrency payments.

CopPay has two modes for handling cryptocurrency payments. It has an exchange mode and a cryptocurrency mode, with the latter working something like this:

A customer with a cryptocurrency wallet chooses to pay using the assets in that wallet at checkout An order using a QR code generates in the CopPay gate and is paid by the customer making the purchase The crypto payment is instantly transferred to a CopPay “cold wallet” whose private key is controlled by the seller (it’s assigned during the CopPay signup process)

CopPay’s exchange mode works as follows:

A customer with a cryptocurrency wallet chooses to pay using the assets in that wallet at checkout An order using a QR code is generated in the CopPay gate and is paid for by the customer making the purchase CopPay instantly exchanges the cryptocurrency for fiat currency, thus eliminating volatility risks A customer receives 100% of the amount needed to pay for the order in his or her bank account

These services are currently only available in six cities in Lithuania, Portugal, Latvia, and Estonia, but it is a start that could quickly expand once the viability and reliability of this transaction process is assessed by those who are using it.

So, why is this so important? Well, there are currently less than 100 companies worldwide that will accept cryptocurrency as a payment method, and most of them have an internet business where crypto payments are a little easier to handle compared with someone on the ground at a register. CopPay allows customers to use cryptocurrency to pay instantly for their purchases using one of the two modes offered by the company.

Right now, if you want to convert your cryptocurrency into cash, the fastest way is to use a wallet that will connect to your bank account and transfer your assets from an exchange to your bank, which takes about 3 to 5 days. Also, the initial interest in cryptocurrency payments among US merchants has died down pretty drastically, and so far there hasn’t been a significant push to integrate on-the-ground crypto payment options as part of the financial landscape.

But now, with this new technology and the support it has received from one of the biggest smartphone manufacturers in the world, cryptocurrency has been given new leverage in its battle for acceptance, and soon it could be as common to pay for goods and services with cryptocurrency as it is to use an ATM card today.

Image(s): Shutterstock.com



