The Samsung Wallet was introduced at the company’s “Unpacked 2022” virtual event, which also marked the launch of the new Galaxy S22 Ultra smartphone.
The wallet was advertised as having the ability to “access and study complicated digital products” such as bitcoins. According to sources, it can also securely store personal identification such as student IDs, driver’s licenses, and state IDs, as well as digital house or car keys, credit and debit cards, boarding permits, and immunization records.
The secure payment wallet will be compatible with Samsung Pay, the company’s own payment platform. Samsung’s Knox Vault platform provides security by encrypting important information and blockchain keys and isolating them from the phone’s main operating system.
The new wallet competes directly with Apple Wallet, which likewise securely holds critical personal data. However, Samsung is one step ahead of Apple by allowing crypto-asset storage and payments.
In Samsung’s Feb. 10 announcement, however, there was virtually little detail about the crypto capabilities, supported coins, and asset storage mechanism.
Apple announced upgrades to its own Apple Pay system on February 8th, including plans to introduce “Tap to Pay” on the iPhone.
The tool will provide contactless payment functionality to retailers across the United States, but there will be no support for cryptocurrencies because the internet giant is still suspicious about them.
Samsung presented its new Galaxy devices in the Decentraland Metaverse in a virtual Samsung 837X venue. Over 100,000 individuals registered for the virtual event, where they could also pre-order the new luxury phones.