Samsung, the South Korean electronics manufacturing giant, has unveiled their new crypto wallet at a Metaverse event. The company’s new storage system is designed to be a direct competitor to Apple Pay. Samsung’s wallet will work with Samsung Pay, the company’s own payment system.
Samsung premiered their new Galaxy S22 Ultra Smartphone, its latest flagship smartphone loaded with enhanced cryptocurrency features, at a virtual metaverse event on February 8th. Over 100,000 users logged on to the virtual event where they were able to preorder Samsung’s new premium smartphone.
The Samsung wallet was billed as being able to access “digital products” like cryptocurrencies as well as securely store personal identification documents including driver’s licenses and state and student IDs. The company also states the wallet can hold digital keys for cars and homes as well as debit and credit cards. Other personal documents, such as vaccination records and boarding passes, can also be kept in the wallet. Samsung’s wallet is protected by Samsung’s Knox Vault platform that uses blockchain technology as well as other encryption methods to isolate the owner’s sensitive information from the phone’s main operating system.
Samsung upped the anti on competitor Apple and its new wallet is interned to be a direct competitor to Apple Wallet that is also designed to securely store sensitive personal data. However, Samsung went one step further by setting up a crypto-asset storage and payment system that Apple does not yet provide to their users. Samsung did not disclose much information on the wallet’s asset-storage system, cryptocurrency functionality, supported tokens or how it can be used to buy cryptocurrency.
Apple did announced improvements to their Apple Pay system on February 8th with plans to introduce a tap-to-pay feature, similar to Samsung’s, on their iPhone. Like Samsung’s, the Apple tap-to-pay feature offers a contactless payment function for making in-person payments at merchants. However, Apple offers no cryptocurrency support due to their self-admitted skepticism of crypto.
Samsung made its debut into the Metaverse by opening its flagship 837 store in a partnership established with Decentraland in early January of 2022. Samsung also dipped their digital toes in the non-fungible token waters in early January and it was reported that South Korea’s central bank pilot digital-currency program will be integrated into the Samsung flagship smartphones.
The Galaxy S22 Ultra is being billed as merging the best of Samsung’s two smartphone legacies, the Note and S series phones. The new S22 will have the unrivaled power of the Note series with its pro-grade camera and the performance of the S series. The new super smartphone features advanced night photography and video capabilities, a built-in S pen and a battery with over 24 hours of usage.
TM Roh, President and head of Samsung Electronics, said the Galaxy S22 Ultra is the most advanced device Samsung has created to date. Roh said at Samsung they constantly push themselves to raise the bar on their best devices and the new Galaxy S22 Ultra is a giant leap forward for mobile technology in setting a new standards for what a smartphone can do.