Samsung is getting into the cryptocurrency payments business. With Samsung phones being so popular globally, this move could be a big step towards mass adoption of crypto as a payment method.
Samsung is testing the use of CoPay for transactions in limited number of markets and it is believed that it could also encourage more retailers to accept crypto as well.
CoPay currently offers two ways for handling cryptocurrency payments — exchange mode and cryptocurrency modes. At the moment you can only use CoPay in six cities in Lithuania, Portugal, Latvia, and Estonia, but this could expand quickly depending on how users assess its usefulness and reliability during the test period.
Why is this move by Samsung important?
Because at the moment there are only around 100 companies worldwide accepting cryptocurrency as a payment method. That is extremely low when you consider the numbers of people owning cryptocurrency and the many more who will in the future. Most of the companies currently accepting crypto payments have an online business, which makes it easier to handle crypto than those retailers with bricks and mortar outlets that need a person stationed at a cash register.
At the moment, 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. This costs money in transfer fees and it can be several days before he cash hits your bank account. The lack of enthusiasm for crypto payments among U.S. retailers has also limited the expansion of crypto payment methods and nobody seems to pushing to make it more popular.
However, Samsung’s support for crytpo payments could have a massive effect, given that it is one of the biggest smartphone manufacturers worldwide. Crypto believers hope it could lead to widespread acceptance of crypto payments and put it on a par with debit and credit cards.