Set to be launched with additional features, the announcement of the Samsung Wallet was made public on Twitter from the Samsung India account, with the tech giant having stated that the solution provides a smarter way to pay in a secure and convenient manner. Following the introduction of the product, users will be enabled to Tap & Pay or UPI with Samsung Pay, store their digital IDs in one place and make their Wallet their password with Samsung Pass, stated the tweet.
An exclusive service to Samsung smartphones, Samsung Wallet enables users to store in a secure manner things of the likes of boarding passes, credit cards, cryptocurrency, debit cards, digital keys, identification cards, login passwords, vaccine certificates, and even loyalty/membership cards.
Additionally, certain Samsung Galaxy devices also have the capability of carrying out contactless payments through their debit or credit cards via both NFC and UPI payments. What is more, Samsung Knox, a defence-grade digital security system, helps protect all the data in the application.
A 2022 Global Payments report conducted by fintech FIS highlights that digital wallets have been overtaking cash in India. As reported by The Paypers in March 2022, the findings showed that digital wallets were expected to gain more popularity than cash in India by 2023, and account for approximately 50% of all ecommerce transactions in the country.
Throughout 2021, digital wallets held a market cap of around 45.4%, followed by debit cards with 14.6%, and credit/charge cards with little over 13%. When it comes to the preferred digital wallets of Indian customers, local names of the likes of Paytm and PhonePe are competing with giants such as Google Pay, Amazon Pay, and Samsung Pay.
When talking about payment methods within the Indian space, Samsung has been aiming to diversify its offering, with the company having announced in September 2022 a partnership with India-based Axis Bank and Visa, looking to launch Samsung Axis Bank Credit Cards in the region.
As detailed at the time of the announcement, consumers purchasing Samsung products and services through the cards would receive 10% cashback throughout the year, with the enterprise having stated that it would also offer new financing options to customers on the credit cards, as they were specifically aimed at serving consumers in smaller cities and towns in India.
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