The digital hardware giant, Samsung is reportedly accepting payments in its stores in several Baltic states. Using the payments platform, CopPay, Samsung will accept payments in Bitcoin, Ethereum, Ripple, Litecoin, Dash, NEM and Steem. With the integration of CopPay, people will be able to purchase consumer electronics, including smartphones, computers and television sets in Estonia, Latvia and Lithuania.
Samsung is already entrenched in the cryptocurrency industry. In early June, Samsung SDS launched its Nexfinance blockchain platform for fintech businesses. This digital banking platform is AI-enabled, to provide fast transactional processing, big data analysis and intelligent process automation. With Nexfinance, institutions may become more competitive, while taking advantage of new services including digital identity confirmation, financial concierge services, an AI virtual assistant and insurance claims-automation.
In April, MyRig used a new Samsung Bitcoin ASIC chip for their Halong mining rigs. The Halong DragonMint T1 miner is driven by the 10nm Samsung ASIC, putting them in direct competition with Bitmain and other ASIC manufacturers. These chips were mass-produced by Samsung as 10bn, 16gb GDDR6 DRAM chips for graphics cards, making them twice as fast as standard GDDR5 DRAM chips, while requiring one-third less power.
Last quarter, Samsung reported a 58% increase in Q1 growth compared to Q1 2017. With their foray into ASIC hardware, and now, with their acceptance of cryptocurrency payments, Samsung has become a company that should be on the radar of every crypto-enthusiast.
In addition to Samsung’s cryptocurrency projects, the company is exploring blockchain technology to manage its global supply chain. Their plan is to use distributed ledgers to track billions of dollars in international shipments, with an expected savings of 20% on their shipping costs.
CopPay has several other major clients, besides Samsung. These include merchants in Portugal, where stores accept crypto payments thanks to their CopPay integrations. The company plans to enable digital currency payments at other retail stores, as well as local restaurants and other businesses. With their plug-in solution, CopPay saves businesses the overhead costs of developing their own custom software to accept cryptocurrency payments. With such easy integration, we may see an explosion of crypto-acceptance at the full spectrum of retail and service businesses.
Coinbase Commerce was released in February 2018. At that time, the company made a solution for ecommerce websites to accept cryptocurrency transactions in Bitcoin, Bitcoin Cash, Ethereum and Litecoin. This was then converted into a simple application for Shopify and other platforms, meaning that ecommerce shops could begin accepting digital currency payments in just a few clicks.
At some point in the future, there could be a clash between CopPay and Coinbase in the battle to become the standard platform for the acceptance of digital currency payments. It appears as though CopPay is concentrating on bricks-and-mortar stores, while Coinbase Commerce is tailored to online stores. The next logical step would be for Coinbase to develop a point-of-sale version of their commerce platform, and for CopPay to begin marketing a website plugin for ecommerce. After that, it’ll come down to which platform has the best marketing, and offers the best customer experience.