Samsung Integrates Crypto Wallet In New Phone

South Korean electronics giant Samsung has come out with a new digital wallet that can hold cryptocurrency.

Samsung announced the new Samsung Wallet at the Unpacked 2022 event yesterday. According to reports from ZDNet, the Samsung Wallet can hold personal IDs, including student IDs, driver's licenses and state IDs, plus digital house or car keys, credit and debit cards, boarding passes and vaccination records. The wallet can also be used to "access and explore complex digital products" such as cryptocurrency.

The wallet will be included in the new series of Galaxy S22 phones. Samsung says users in South Korea will be the first to test out the new functions once the mobile phones hit the market.

According to Samsung, the wallet is “a seamless, convenient and secure experience to make everyday life easier.”

“Samsung Wallet combines digital payment, ID, keys and asset management into one tool to simplify your routines, from showing your student ID to compiling travel documents before a flight.”

Presumably, the wallet will use Samsung Pay to facilitate crypto payments if it becomes a feature. In 2021, the tech giant announced it would be rolling out support for Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and other via a partnership with BitPay.

Samsung said that the backend of the service would be overseen by Mastercard who’ll allow both virtual and physical BitPay cards. Apart from the usual crypto assets, users will also be able to use top stablecoins like USDC, BUSD, GUSD, and PAX.

Yesterday, Apple announced it would be integrating a “Tap To Pay” function which would also presumably allow crypto payments.

“As more and more consumers are tapping to pay with digital wallets and credit cards, Tap to Pay on iPhone will provide businesses with a secure, private, and easy way to accept contactless payments and unlock new checkout experiences using the power, security, and convenience of iPhone,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet.

“In collaboration with payment platforms, app developers, and payment networks, we’re making it easier than ever for businesses of all sizes — from solopreneurs to large retailers — to seamlessly accept contactless payments and continue to grow their business.”