Samsung launches its Wallet with a cryptocurrency service

Samsung announced the launch of Samsung Wallet

You probably take three things with you when you leave the house: your wallet, your keys and your phone. Apple, Google and now Samsung are trying to eliminate two of these elements into the third. Both companies aim to replace your physical keys and wallet with a digital wallet stored on your phone.

At WWDC22, Apple made announcements for its map app that is now extending support for keys and IDs. Users can save their ID here for easier access to apps that perform age and identity verification. To protect the privacy of people using this feature and ensure their security, only the information necessary for the transaction is sent to the app. Users must also be informed and give their consent before sharing. The Maps app also lets you store your home, hotel, office, and car keys for secure sharing via Messages, Mail, and other apps.

Apple Pay is probably the first way for iPhone users to get in touch with the Card app. Having a digital wallet on your mobile drives mobile commerce and also provides a scalable path to reduce transaction friction and maximize customer loyalty. But for a few years now, they ship all your purchases that require a pass, such as a plane or train ticket – the common point is often the QR code that needs to be identified. The digital wallet is the engine of mobile commerce and also provides a scalable path to reduce transaction friction and maximize customer loyalty.

Some auto insurance companies allow you to add your police card to the Wallet application in some countries like USA, Canada… The Covid pass has also been added. The Covid-19 vaccination card in the Wallet app shows the number of doses you received, the dates the doses were received, your name, the vaccine insurer and the vaccine manufacturer. In addition, there is a QR code for easy verification.

In short, since 2011, the Wallet app, which has become Card in France, is part of our use, just like in the United States. Apple Pay remains the leading player in mobile payments, with 43.9 million users in 2021. Starbucks remains number 2 with 31.2 million users, followed by Google Pay and Samsung Pay, which are now experiencing stagnant growth. The announcement and repositioning of Samsung tools should allow it to get back into the race, hence the announcement with crypto!

samsung wallet

It’s a new platform that allows users to organize their digital keys, boarding passes, IDs and more in one secure and easy-to-use mobile app, something Apple has been doing for a long time. Protected by Samsung Knox security, Samsung Wallet leverages an open Galaxy ecosystem by integrating with Samsung Blockchain Wallet to easily monitor cryptocurrencies and SmartThings to unlock doors.

You may remember Samsung Pay, a payment service mobile payment which the company launched in 2015 and has grown slowly since then, as well as Samsung Pass, an app that helps you save biometric information such as fingerprints or facial recognition data to sign in to apps and websites. Samsung Wallet also combines the two services with Samsung Blockchain Wallet (which allows you to store and send cryptocurrencies) and the Samsung SmartThings smart home system. Everything is protected by the Samsung Knox security system.

Samsung Wallet also includes the functionality of Samsung Pass that can be stored securely the passwords and allows users to quickly and easily connect to applications and services. It even helps users to quickly track their digital asset portfolio by checking the value of their cryptocurrencies on different exchanges in one place. Later this year, Samsung Wallet will also start supporting identity documents official documents, such as mobile driver’s licenses and student cards. Other important documents, such as proof of vaccination status against Covid-19, can also be kept safe.

Thanks to the integration of SmartThings and Samsung’s partnerships with 9 companies. Users can easily add digital keys to easily lock and unlock their doors with a Galaxy device. Samsung Wallet also supports car keys on select BMW, Genesis and Hyundai models, allowing users to lock and unlock cars, start engines and more. Samsung’s first partnership with Korean Air also enables storage boarding passes from Korean Air in the Samsung wallet for easy access, making boarding as easy as logging into an online account.

In addition to the US, Galaxy users in five markets – France, Germany, Italy, Spain and the UK – can simply open the Samsung Pay or Samsung Pass app from their eligible Galaxy 10 devices and follow the prompt to update and migrate to Samsung Wallet. The launch of Samsung Wallet shows that tech companies are increasingly relying on apps and services to retain existing users.

Americans are increasingly embracing the idea of ​​replacing their physical credit cards with digital ones. According to a 2021 report by eMarketer, the use of mobile payment services in stores is expected to exceed 50% of all smartphone users in the United States by 2025.

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