Samsung stores in the Blatic States, Riga, Tallinn, Kaunas, and Vilnius now accept cryptocurrency payments in seven different coins. The coins that will be accepted in these stores include LTC, BTC, NEM, Dash, XRP, ETH, and STEEM. This has been made possible by the partnership with Coppay. Coppay is a Fintech company based in Europe that provides cryptocurrency payment for customers with payment gateways in 31 different marchant locations. The company recently announced its new partnership with Samsung stating that by accepting seven cryptocurrencies, Samsung has truly embraced its slogan “Turn On Future”.
The announcement by Coppay was as follows:
“Customers in Kaunas, Riga, Tallinn, and Vilnius can now buy Samsung laptops, smartphones, TV-sets and tablets and other Samsung products with cryptocurrency.”
Digitalization Is The Future
There is an ever growing trend of business digitalization that allows customers to pay for goods and services using digital money from local and even global retailers. Many global giants have been joining the trend and Samsung is one of the most recent to enter the train. Cryptocurrencies have become increasingly popular in Baltic States and the use of digital assets has become widely acceptable in Lithuania, Estonia, and Latvia. So many merchants accept cryptocurrency payments in restaurants, bars, coffee stores, clothing stores, real-estate, etc. There are barely any regulatory policies in the Baltic region. Latvia is the only region that has a taxation law on cryptocurrencies.
Bitcoin (BTC) Price Today – BTC / USD
This isn’t the first move Samsung has made in the industry. The company has shown interest in the underlying technology, blockchain. One of the blockchain projects Samsung has been working on is creating semiconductors for cryptocurrency mining devices. In 2017, the high demand for the semiconductor devices caused a spike in the company’s earnings.
Coppay, on the other hand, works just like Bitpay. The payment processor company acts as a third party that keeps the cryptocurrencis gotten from merchant sales. They can either change it to fiat for the merchant or give the merchant a combination of fiat money and cryptocurrencies. According to the company, Samsung stores in other regions will be adding cryptocurrency payment option soon.