This latest news is an addition to the previous insider news leak claiming integration of a cryptocurrency wallet in the Samsung Galaxy S10. However, this news claims that crypto will be integrated with the Samsung ecosystem via Samsung Pay, which is the flagship digital payments platform of Samsung.
Samsung Pay and its Effect on Crypto
Reports say Samsung Pay is used by over 10 million users in South Korea. This app is used by the users on a regular basis for settling day-to-day payments.
The entire digital payment landscape is dominated by Samsung Pay along with Kakao’s KakaoPay. This has become possible due to the LoopPay’s acquisition at US$200 million. That’s what enabled Samsung Pay for using MST (Magnetic Secure Transmission) technology. This technology is an alternative solution to NFC, which is used by KakaoPay as well as Apple Pay.
An industry official said while interacting with media that Samsung Pay’s integration with leading Samsung smartphone Galaxy S10 may lead to mass adoption of cryptocurrencies by the mainstream users in the South Korean market. The official went on to say:
“The arrival of the new Samsung phones could start popularization of the cryptocurrency wallet system in Korea.”
Samsung Insights’ Joel Snyder has explained:
“If a wallet stores the private keys on a normal persistent store (such as a hard disk or SSD), whether on a standard Windows PC or in a smartphone, a bit of malware can easily get access to them. If those private keys are in the TEE and only accessible via a trustlet, there’s no possible way the malware can extract the keys directly.”
Reports say that crypto wallet’s integration into Samsung Galaxy S10 will demonstrate TEE security as well as Knox software to a completely new user group.
Photo Credit: https://pixabay.com/