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 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.
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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