South Korean consumer product giant Samsung (KS:005930) said it would start accepting cryptocurrencies as payments for purchases of its products, including tablets, laptops, appliances, smartphones, etc., for residents of the Baltic States.
Samsung’s Lithuanian branch made the announcement paving the way for residents of Vilnius and Kaunas (Lithuania), Riga (Latvia) and Tallinn (Estonia) to buy any products of the brand without the need to convert their digital currencies to fiat money. The popular cryptocurrency payment platform CoPay will facilitate transactions.
Initially, the company said it would accept payments using digital currencies such as Bitcoin (BTC), Dash (DASH), Ethereum (ETH), Litecoin (LTC), NEM (XEM), Ripple (XRP) and Steem.
CoPay commented on Samsung’s latest move:
“There is a growing trend toward business digitalization and allowing customers to pay for goods and services in cryptocurrency, whether at global retailers or local restaurants.”
At least three Samsung shops in the Lithuanian capital of Vilnius and one shop each in Riga and Tallinn will accept crypto payments under the new scheme.
CoPay already has experience in handling transactions for items using digital assets as payments. The report said that several shops in Portugal have been using the CoPay platform allowing their customers to make purchases with their digital currency holdings.
Samsung has also said it would begin accepting digital currencies on its online stores.
The company's latest move does not come with a surprise as cryptocurrency is a big part of its business. The electronics company revealed in its annual earnings report published in January that it would start producing crypto mining chips to boost its earnings. The firm also announced in April that its 58% year-on-year growth in its first-quarter operating profits was driven by the strong demand for crypto mining chips.
Samsung is also harnessing the potential of blockchain as it is using the technology to monitor and manage its global supply line. The company said it tracks its global shipments, worth tens of billions of dollars a year, through blockchain. The technology has cut its shipping costs by as much as 20 percent, it said.
Last month, the company’s IT arm, Samsung SDS said it would leverage blockchain and artificial intelligence (AI) technologies for its Cello Square (NYSE:SQ) 3.0 logistics platform. The new platform incorporates the firm’s logistics capabilities and the two technologies to create a unique synergy.
Samsung SDS VP of the logistics business Kim Hyung-tae said:
“We will provide services to global e-commerce sellers with Cello Square 3.0, which combines cutting-edge IT with Samsung SDS global logistics operation experience.”
This article appeared first on Cryptovest