Altcoin News: Samsung May Add Cryptocurrency Support to Samsung Pay Payment Service

May 27, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The South Korean corporation Samsung plans to implement support for cryptocurrency in the payment service Samsung Pay, concluded portal Business Korea.

The company recently relocated a blockchain working group from a mobile unit to a service unit. Earlier, the same group played a leading role in the implementation of blockchain-wallet support by the Galaxy S10 smartphone.

Now the blockchain experts work as part of the unit responsible for a variety of smartphone services, including Samsung Pay. The new head of the group was the vice-president of the service division of Samsung Kim Yong-jae, whose work is related to products such as Samsung Pay and Samsung Health.

The reorganization was carried out simultaneously with the announcement of the Samsung plan to strengthen the focus on the blockchain and cryptocurrency. As Business Korea notes, integrating the company’s own blockchain wallet into Samsung Pay could increase the number of cryptocurrency users at the global level and reduce costs for financial institutions.

Last month, there was information that Samsung could release its cryptocurrency based on Ethereum fork.

Author: Marko Vidrih