Samsung partners with Mastercard for Wallet Express payments

Friday 8 December 2023 14:53 CET | News

Samsung Electronics has partnered with Mastercard on the latter's Wallet Express programme to offer UK consumers more payment choices.

The Wallet Express programme is designed to provide banks and card issuers with a swift and cost-effective means to expand their digital wallet offerings. 

Digital wallets and what Samsung's addition to Mastercard's Wallet Express programme entails

By integrating Wallet Express, issuers are enabled to provide their customers with Samsung Wallet, which in turn can offer consumers an extensive array of ways to pay, including with their Galaxy wearable devices. Leveraging a device such as Galaxy Watch helps bring increased speed and convenience to the in-store shopping experience.

Samsung Electronics has partnered with Mastercard on the latter's Wallet Express programme to offer UK consumers more payment choices

Samsung Wallet, which was launched in 2022, combines the mobile payment experience of Samsung Pay and Samsung Pass into a more comprehensive digital wallet. It allows users to organise digital keys, boarding passes, identification cards, and more in one easy-to-use and secure mobile application. 

UK-based consumers are increasingly leveraging digital wallets for in-store and online payments alike. Building onto the launch of Wallet Express, Mastercard plans to launch the next two iterations of the Wallet Express Enablement Programme for all Europe-based issuers.

The programme aims to further simplify the process for issuers in enabling and facilitating Samsung Pay, offering consumers its digital wallet platform in Samsung Wallet. Through this programme, issuers can improve their ability to support Samsung Wallet and provide customers with more payment options.

Samsung Electronics officials stated that joining the Mastercard Wallet Express will help the company offer consumers increased payment flexibility. As Samsung Wallet is leveraged by a multitude of individuals, the partnership is set to provide more people the chance to use Samsung Pay on their Galaxy devices. More to this point Mastercard representatives stated that the Wallet Express programme helps integrate Samsung Wallet into consumers' banking experience, enabling flexibility in deciding how consumers make payments using their Galaxy mobile and wearable devices.

The increasing popularity of digital wallets

Digital wallets have been gaining popularity worldwide as they offer consumers numerous benefits. Edgar, Dunn & Company estimated that in 2022, globally, for every five transactions, three were conducted using a physical card, whereas two were through a digital wallet. Moreover, transaction value through digital wallets was USD 50 trillion in 2022 – and is expected to reach USD 96 trillion by 2030. Digital wallet adoption would vary across different regions and countries.

Some regions, especially those with advanced digital infrastructure like North America and Europe have seen a considerable shift towards digital payments, whilst others showcase a slower transition, influenced by factors like technological limitations or cultural preferences. 

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Keywords: digital wallet, digital payments, digital banking, partnership, mobile payments
Categories: Payments & Commerce
Companies: Mastercard, Samsung
Countries: World
This article is part of category

Payments & Commerce




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