Samsung Pay Adds Swipe’s Crypto Debit Card Support

Crypto Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term platform Swipe has partnered with Samsung to add its digital currency Visa debit card on Samsung Pay.

Announced on Friday, this will allow Swipe Android users to directly add their Swipe debit cards to Samsung's mobile payment platform for making day-to-day transactions.

This came after Swipe's similar partnership with Google Pay, the mobile phone-based payments platform of the search engine giant.

Swipe and Samsung partnership were formed with the involvement of mutual issuing bank Contis Financial.

Swipe supports over 30 currencies, which include Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, stablecoins, and fiat as well.

The services will be available in the United Kingdom, along with other European Union member countries.

With this integration, Swipe debit users can directly convert their cryptocurrencies into euros while making transactions with Samsung Pay.

"We are excited to bring Samsung Pay for our cardholders," Joselito Lizarondo, Swipe CEO, said. "This integration and relationship with Samsung will open cryptocurrency adoption and make transacting with our Visa card in Euros converted by crypto seamless."

Headquartered in the Philippines, the company has operations in the United Kingdom and Estonia.

Swipe also received approval for operations in the United States under Visa's TPA program and also has plans to offer services in the South Asia and Asia-Pacific region by the end of this year.

Finding opportunities in a crisis

The company is also optimistic about the surge in digital transactions globally amid the ongoing Coronavirus pandemic.

"Given all of the COVID-19 issues and people steering away from physical products like cash and, in some instances, cards, a digital solution really helps put our client's needs first," Lizarondo added.

Meanwhile, other major players, including Binance and BTSE, are also issuing crypto debit cards as demand for such products is soaring across countries.