Vodafone to integrate cryptocurrencies wallets into SIM cards

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Vodafone , a telecommunications provider based in the United Kingdom, is aiming to incorporate blockchain technology into the mobile experience by embedding cryptocurrency wallets into subscriber identity module (SIM) cards.

This initiative is part of a broader financial strategy where Vodafone Idea—a company in India in which Vodafone Group holds a 45% stake—is planning to accumulate nearly $3 billion in debt. This includes securing $1.8 billion in loans over the coming two years.

During a recent interview on Yahoo Finance Future Focus, David Palmer , Vodafone's Blockchain Lead, shared insights on the company's blockchain integration efforts:

“By 2030 we’re expecting more than 20 billion mobile phones to be in operation, many of those being smartphones. So we’ve focused on linking the sim card to digital identity, linking the sim card to blockchains, and using the cryptography we have in those sim cards for that integration.”

Palmer further detailed his projections, estimating around eight billion smartphones would be in use by 2030. He also forecasted a significant rise in cryptocurrency wallets, anticipating a reach of 5.6 billion, which would represent nearly 70 percent of the global population.

Amid these developments, Vodafone Idea has also been financially active, having recently divested $2.2 billion in shares in preparation for a debt-financing initiative expected to total $3 billion. The year 2024 has been notably dynamic for Vodafone Group, highlighted by a newly announced 10-year strategic collaboration with Microsoft to introduce generative AI services to its customers.

Microsoft CEO Satya Nadella commented on the partnership, emphasizing the transformative potential of the latest AI technologies: "The new generation of AI will unlock massive new opportunities for every organization and every industry around the world."

This venture into blending mobile technology with blockchain is not unprecedented. In 2019, American startup VaultTel LLC set its sights on developing a physical wallet that could be inserted into the SIM slot of a smartphone.

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