Samsung Wallet, a new mobile wallet for storing digital keys, boarding passes, ID cards, and credit cards, was launched on Thursday. In recent weeks, Apple and Google both announced significant updates to their respective virtual wallet platforms.
Samsung Wallet is a new platform that allows Galaxy users to organize digital keys, boarding passes, identification cards, and other items in a single, simple, and secure mobile app. It is protected by Samsung Knox's defense-grade security and leverages an open Galaxy ecosystem by integrating with Samsung Blockchain Wallet to easily monitor cryptocurrencies and SmartThings to unlock doors.
"With a completely safe and secure environment for storing digital keys, cards, and more, Samsung Wallet is bringing a new level of everyday convenience to mobile devices," Jeanie Han, EVP and Head of Digital Life, MX Business, said.
Samsung announced its mobile wallet alongside the Galaxy S22 in February, but the platform was only launched on Thursday. Samsung Wallet is the result of the merger of two existing services.
The app combines Samsung Pay, the company's mobile payment service that stores payment cards and vaccine records, with Samsung Pass, which manages passwords and login information for apps and websites.
Samsung also wants its wallet app to act as a hub for digital keys to your car and home, a feature that the iPhone already has. The company says it is working on virtual home keys with nine home security companies, and Samsung Wallet will also connect with the company's SmartThings platform. When it comes to car keys, Samsung Wallet will support digital car keys for select BMW, Hyundai, and Genesis models.
The unified app represents an expansion of Samsung's efforts to better compete with Apple and Google's services. Samsung Wallet will be available as an app update, and Galaxy device owners will be able to migrate their data directly from the Samsung Wallet and Samsung Pass apps.
Americans are increasingly accepting the idea of digital credit cards in place of conventional credit cards. In-store mobile wallet systems will be used by more than half of all smartphone users in the U.S. by 2025, according to an eMarketer prediction from 2021.
Now, tech companies are creating more detailed alternatives to the classic wallet, a mission that Google and Apple both stated during recent press events.
In terms of availability, Samsung Wallet is currently available in six countries: Germany, France, Italy, Spain, the United Kingdom, and the United States. As a result, users in these regions can easily open the Samsung Pay or Samsung Pass app on their eligible Galaxy device to migrate to Samsung Wallet.
