Vodafone Plans to Integrate Crypto Wallets with SIM Cards

Vodafone, a telecommunications company based in the United Kingdom, plans to integrate blockchain technology with smartphone users by incorporating cryptocurrency wallets into SIM cards.

This initiative is part of the company’s financial strategy, which involves Vodafone Idea, a separate entity in India that is 45% owned by the Vodafone Group, taking on $3 billion in debt, including $1.8 billion in loans in the next two years.

During an interview with Yahoo Finance Future Focus, the Vodafone Blockchain Lead, David Palmer, discussed the company’s plans to incorporate blockchain technology into SIM cards:

“There will be over 20 billion mobile phones in operation by 2030, with a significant number being smartphones. Our focus is on linking SIM cards to digital identities, connecting SIM cards to blockchains, and utilizing the cryptography embedded in SIM cards for this integration.”

Palmer also provided further details, stating that he expects there to be around 8 billion smartphones in use by 2030 and a significant increase in the number of crypto wallets, reaching 5.6 billion, which would potentially account for 70% of the global population.