A simple payment service for cryptographic money by Coinduck, a subsidiary of Chain Partners (CEO Pyo Cheol-min), will be used for Samsung Electronics’ flagship smartphone, Galaxy S10.
Coinduck is the world’s first ethereum-based payment service released in January 2018. In just one year, the company has gathered over 1,000 franchises nationwide. The company has more franchises than Crypto Valley in Zug, Switzerland, which is famous for paying taxes with encryption money.
Coinduck, which was selected for Samsung Electronics’ start-up program called ‘C-Lab’ in December last year, has been working with Samsung Electronics to establish cryptographic currency payment service.
Coinduck cryptocurrency simple payment can be downloaded through Samsung Blockchain Wallet’ app on Galaxy S10. You can enter payment amount if you scan QR code placed at the merchant by executing Coinduck on the DApp tab. The payment entered will be automatically converted to the current market price, and the payment will be completed by automatically deducting the encryption money from the wallet when the approval is pressed.
The traditional method of payment of encryption money had to be copied from the merchant’s wallet and pasted in the private wallet. When payment is completed, the merchant will be notified via SMS. The settlement will be made into a bank account next day. The payment fee is 1% regardless of the transaction amount.
By choosing 100% on-chain method, which records all transactions into ethereum blockchain, it has increased security and scalability. In this way, it is impossible to falsify transactions and can be paid by users of all cryptographic currency wallets and exchanges around the world.
“Although there is a strong perception that who will still use highly variable encryption money for payment, the situation can change overnight if cryptographic money fixed on the value of the original or dollar is available to the local market and can be settled on widely used phones such as the Galaxy,” said Shin Min-seop, CEO of Coinduck.
Coinduck is still receiving ETH (Ethernet) as an encryption currency that can be settled, but it is planning to increase number of cryptographic money it supports gradually through linkage with ‘David’, which is an exchange of cryptographic money.