The recent news is to introduce crypto wallets and payments to millions of consumers for the first time. However, this news is said to leak from insiders within the industry. Hence, advising Samsung Pay to load its crypto wallets within their devices as standard.
Already Samsung Pay holds 10 million worth users in Korea, depending on the app to perform any daily payments. While integrating, the crypto wallets might drive in a mass wave of new exciting customers. This is for the first time in the cryptocurrency ecosystem.
Moreover, an industry official quoting the Korea Herald, states that this step might help encourage a mainstream to ponder cryptocurrency for daily payments. Also, according to the news source:
The arrival of the new Samsung phones could start popularization of the cryptocurrency wallet system in Korea.
The previous report by Samsung, the group expresses about mobiles to provide a more secure basis. This was regarding crypto wallet storage in comparison with desktop due to the Trusted Execution Environment (TEE). On the other hand, Joel Snyder at Samsung Insights reveals the threats from malware to correspondingly reduce on mobile devices. He explains:
If a wallet stores the private keys on a normal persistent store, 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.
Moreover, Snyder affirms this plan not to be a substitute for due diligence. Also, the customers should still choose more dependable digital asset wallet for avoiding the risks related to hacks and attacks. He also mentions:
Cryptocurrency users may not pay much attention to the mechanics of how their coins are stored, but that can be a dangerous attitude to have. Choosing a dependable cryptocurrency wallet is an important part of using cryptocurrencies safely.
At the moment, this news seems rumors, with no relevant confirmation from Samsung to reveal their plans regarding this crypto wallet functionality of the model.
However, customers are already excited viewing the existing features to run high on wheels, specifically, within the crypto community. This new feature along with ongoing facets might be a big consumer launch. Also, striking crypto into the daily mainstream as a part of payments.