Vodafone, a leading telecommunications company in the U.K., is considering integrating crypto wallets directly into mobile phone SIM cards.
In an interview with Yahoo Finance Future Focus, David Palmer, the Chief Product Officer (CPO) of Pairpoint at Vodafone, discussed the company’s strategy to promote blockchain technology for managing crypto transactions on mobile devices.
Palmer emphasized Vodafone’s commitment to connecting SIM cards with crypto wallets to leverage the cryptographic features of SIM cards for seamless blockchain integration. He highlighted how Pairpoint, a Vodafone subsidiary, is driving innovation in web3 and Internet of Things (IoT) services by utilizing SIM card technology for blockchain-based digital wallets on mobile devices.
Palmer also predicted that by 2030, there would be approximately 5.6 billion blockchain-based digital wallets globally, acting as gateways to financial services. He estimated that there would be around eight billion cell phones in use worldwide by the same year, providing at least 70% of the world’s population with access to this technology.
These developments follow Vodafone’s recent partnership with Microsoft to offer generative artificial intelligence (AI) services to customers over a 10-year period. Additionally, Vodafone has shown interest in web3 and blockchain technology through collaborations with Sumitomo Corporation and Chainlink Labs to streamline trade document exchanges across different platforms and blockchains, addressing inefficiencies in the global trade ecosystem valued at approximately $32 trillion.
This proof of concept demonstrated the ability to exchange essential trade documents seamlessly across various platforms and blockchains, overcoming challenges posed by fragmented and incompatible systems.