Samsung store is looking to start accepting cryptocurrencies for payments
According to a report on Friday the Samsung store in the Baltic state announced that they will be accepting seven different cryptocurrencies for merchandise. The company is planning on entering a partnership with payment processor CopPay. Customers that will be shopping at the store in Tallin, Riga, Kaunas, and Vilnius will be able to pay with Dash, ETH, Bitcoin, Steem, XRP, NEM and LTC after its implementation.
The Samsung company is still in works for the full implementation of cryptocurrencies, as the spokesperson has explained that the firm is not in direct partnership with the CopPay company, but it is merely processing transactions. However, in a confused reversal, the Company posted this blog as an announcement with the blog explaining the chain of events.
There are three Samsung stores in the Baltic state that will accept cryptocurrencies for purchases through the CopPay Platform. CopPay is a European Fintech firm that is focused on offering payment gateway solutions to 31 merchants through the use of cryptocurrency. The Samsung store will be accepting payments in cryptocurrencies like bitcoin (BTC), NEM (XEM), Steem, Litecin(LTC) Ethereum (ETH), Dash and ripple (XRP).
CopPay explains that: “Customers in Tallinn, Riga, Vilnius, and Kaunas can buy Samsung smartphones, tablets, laptops, TV-sets, and more with digital money.”
The global trend towards the digitalization of businesses and letting customers pay for goods and services with cryptocurrencies is growing globally with retailers, local restaurants and shopping stores.
Samsung has started Embracing the future of Digital Assets
The growth of cryptocurrencies in the Baltic state has become extremely popular and have brought digital assets to new levels in places like Estonia, Lithuania, and Latvia. The acceptance of Bitcoin for the payment of coffee, drinks at the bar, Hotels, apartments, restaurants, clothing stores and massage parlors have been growing with a great variety of merchants. There is not a lot of regulatory policies in the Baltic region, this excludes Lativa however which can impose a 20 percent capital gains on tax for cryptocurrency exchanges.
The Samsung company has also been busy with other Blockchain technology applications, as the company also creates semiconductors for cryptocurrency mining hardware devices. The company saw a huge increase in earnings that was coming from significant semiconductor demands back in 2017, because of digital asset mining operations. The CopPay payment processor works similarly to the Bitpay platform as merchants can keep cryptocurrencies from sales and exchange it for fiat currency if needed. The company is expecting Samsung to further help other merchants to accept crypto-payments.
What do you think of these developments? Please feel free to leave your comments down below.