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Samsung Combines Samsung Pay and Samsung Pass to Samsung Wallet

www.coinspeaker.com 16 June 2022 12:12, UTC
Reading time: ~3 m

Samsung plans to expand the Wallet’s functionality to store official identification cards like student IDs and mobile driver’s licenses.

Samsung has announced the launch of “Samsung Wallet,” which combines both Samsung Pay and Samsung Pass, which keeps passwords, into just one secure platform. The company announced that the Samsung Wallet would enable its users to store digital keys, boarding passes, identification cards, and more on an application. The multinational manufacturing company announced the new Wallet on Thursday, referring to it as a secure platform that homes the requirements of digital life.

In the announcement, Samsung said Samsung Knox oversees the protection of the digital platform. Protections include encryption and fingerprint recognition. Also, the Wallet integrates the existing blockchain app, Samsung Blockchain Wallet. This will enable customers to confirm the value of their crypto portfolio easily. It also integrates SmartThings for smart homes and car keys. Samsung continually makes efforts to bring advanced services to its consumers. The company’s EVP and Head of Digital Life, MX Business at Samsung Electronics, Jeanie Han, stated:

“Samsung Wallet is bringing a new level of everyday convenience to mobile devices with a totally safe and secure environment for storing digital keys, cards and more. As part of our ongoing commitment to open ecosystems, we will continue to expand on the capabilities of Samsung Wallet by working closely with our trusted partners and developers.”

More on Samsung Wallet

Furthermore, Samsung plans to expand the Wallet’s functionality to store official identification cards like student IDs and mobile driver’s licenses. Already, Samsung has partnered with renowned home security companies to make it easy to access digital homes. Coupled with the SmartThings integration, the partnership will see to helping users lock and unlock doors using a Galaxy device. Samsung additionally supports keys of digital automobiles like some BMW models, select Genesis brands, and Hyundai vehicles. With the Wallet, users of these automobiles can lock and unlock, start the ignition, and so on. Also, Samsung has collaborated with Korean Air to allow the storing of the airline’s boarding passes on the Wallet for easy access.

Initially, only Galaxy users in the US, UK, Italy, Spain, France, and Germany will access Samsung Wallet. Users must update their Samsung Pass or Samsung Pay app and migrate to the new platform. Samsung’s new Wallet has similar functions to Apple Wallet, where users also store information. Apple Wallet further keeps vaccination records and specific personal data. However, Apple Wallet does not support crypto information.

Meanwhile, Samsung jumped 50% in quarterly operating earnings in the year’s first quarter. The company saw its highest Q1 profit of $11.6 billion since 2018, fueled by solid demand for memory chips. Impressively, the profits surpassed analysts’ estimate of $10.9 billion.

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