It'south funny what business leaders can and can't tell the press.

Cointelegraph caught up with Alexander Drummond, co-founder of crypto-enabled payments visitor GatePay, at the 50th edition of the World Economic Forum in Davos, Switzerland this week. Drummond was i of several crypto entrepreneurs presenting his company on stage at the CV Labs event on Tuesday.

Drummond's pitch for GatePay goes something like this: retail customers should exist able to pay for products with whatever ways of substitution they desire, and retail stores should be able to handle it. Offering checkout support for different credit cards and popular cryptocurrencies, GatePay is a piece of software that point-of-auction distributors push to their merchants' checkout systems to support all kinds of credit cards and cryptocurrencies.

Merchants designate their cyberbanking details and receive all their revenue — from Mastercard swipes to BTC transactions — every bit conventional banking concern deposits. Merchants get cash, not crypto, and this is what a vast majority of merchants want at the end of the day.

"If i want to pay with Bitcoin, i choose that option and scan a QR code or tap my phone via NFC," Drummond explained. "It'south really the same every bit if you lot were using ApplePay or another non-credit-based payment runway."

When nosotros asked Drummond what the future held for GatePay, he let loose an interesting tidbit:

"We're about to partner with the largest or second-largest payment network in the earth. If people have a typical Android phone, they're likely already tied into this ecosystem. I can only tell you that we're close to announcing a collaboration with Korea'due south largest consumer electronics manufacturer."

Drummond specifically did not say "Samsung," but that is indeed Korea's largest consumer electronics manufacturer, and it has an associated payment network called Samsung Pay that's compatible with a broad diversity of Android phones. If and when GatePay can make the formal annunciation that the collaboration is finalized, it would correspond a major momentum boost for this crypto startup.

But we're still waiting for that formal proclamation.

Samsung did not immediately respond to Cointelegraph'due south request for comment.