Residents of several Baltic States will be able to purchase Samsung products by paying in cryptocurrencies, according to reports emerging from the region. The announcement was made by the Lithuanian branch of Samsung.
Therefore, cryptocurrency investors will not have any need to convert their digital holdings into fiat money for the purchase of Samsung smartphones, laptops, tablets, television sets, etc. The payment made by a purchaser will be processed by CopPay, a popular cryptocurrency payment platform in the Baltic region.
The South Korean multinational conglomerate will be accepting crypto payments in
In Lithuania’s capital, Vilnius, there are three Samsung shops which take cryptocurrency payments. In Latvia’s Riga and Estonia’s Tallinn there is one Samsung store in each country. In addition to the three Baltic States, CopPay also has several merchants using its platform in Portugal. The company also announced via press release that cryptocurrency will also soon become an accepted method of payment on Samsung’s online stores.
Regarding Samsung’s decision to accept cryptocurrencies, CopPay said
“There is a growing trend toward business digitalisation and allowing customers to pay for goods and services in cryptocurrency, whether at global retailers or local restaurants.”
Samsung is a well-known player in the cryptocurrency field. The company’s earnings report, published in January, revealed that it is entering into the production of crypto mining chips.
Furthermore, in its earnings report, Samsung had stated that the rising demand for mining chips will boost its earnings. In April, Samsung reported a 58% y-o-y increase in 1Q18 operating profits, mainly driven by a demand for cryptocurrency mining chips.
The payment processor Coppay operates similarly to the firm Bitpay’s platform and merchants are allowed to keep the cryptocurrency from sales, exchange it for fiat, or a combination of both. The company explains the other Samsung merchants will also be adding the crypto-payment feature through their system as well.
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