The news: Samsung relaunched Samsung Wallet for Galaxy users in the US, France, Germany, Italy, Spain, and the UK.
Key context: Samsung Wallet will replace Samsung Pay, the brand’s current mobile wallet, which lacks nonpayment features. The brand launched an older version of Samsung Wallet in 2013 but later retired it; that platform was mostly for digital document storage.
The new Samsung Wallet looks a lot like the relaunched Google Wallet, which brings together digital document storage and payments across most markets (except the US and Singapore). But unlike Google Wallet, Samsung Wallet will offer other tech features and is only available for Galaxy users.
What this means: Like Google, Samsung wants to take advantage of growing mobile payments adoption while offering new mobile use cases.
Quotable: “When you start really digitizing your ID or drivers’ license ... we can all stop carrying the two pieces of plastic we tape to the back of our phones,” Samsung Wallet US lead Rob White told Insider Intelligence. “A small percent of people are actively using mobile payments on a regular basis and relying on it for all of these needs. That will grow significantly when you can leave plastic at home, and will grow even more significantly as we add things like digital keys and other documents to take the wallet from physical to mobile so it becomes truly functional.”
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