What is Samsung Wallet?

The South Korean electronics giant Samsung is renowned for the quality of the myriad of appliances it creates. However, it is also rapidly advancing into the world of digital payments.

In June 2022, Samsung introduced its Samsung Wallet, the frontrunner after Samsung Pay. But what is Samsung Wallet? How does it support your daily needs — including payments?

In this article, we explore the answers to these questions and more. Read on to explore and understand what a Samsung Wallet is.

What is Samsung Wallet?

In short, Samsung Wallet is a comprehensive digital app that enables users to store, add and check their credit cards, debit cards, gift cards, membership cards, digital keys and other digital assets on a Samsung smartphone.

It also includes a digital wallet that facilitates easy and safe payments. When it comes to payment acceptance, the payment card details stored in your Samsung Wallet are accepted in millions of places, including in-store, online and with other participating merchant apps.

You can also store passwords, addresses, boarding passes, travel passes, concert tickets, and more in your wallet, meaning you have quick access with one swipe.

For example, you can use your Galaxy watch to access your Samsung Pass and travel on significant transport networks across the UK. For boarding passes and concert tickets, you can get a scannable QR code that gives easy access to your flight or event.

What devices are compatible with Samsung Wallet?

Many Samsung devices are compatible with a Samsung Wallet.

Such examples include:

• S Series:
  • S24
  • S24+
  • S24 Ultra
  • S23
  • S23+
  • S23 Ultra
  • S22
  • S22+
  • S22 Ultra
  • S21 5G
  • S21+ 5G
  • S21 Ultra 5G
  • S21 Fan Edition 5G
  • S20
  • S20+
  • S20 Ultra
  • S20 Fan Edition 5G
  • S10
  • S10+
  • S10e
  • S10 5G
  • S9
  • S9+
  • S8
  • S8+ 

• Note and Z:
  • Note20 5G
  • Note20 Ultra
  • Note10
  • Note10+
  • Note10+ 5G
  • Note9
  • Note8
  • Z Flip5
  • Z Fold5
  • Z Flip 4
  • Z Flip3 5G
  • Z Flip 5G
  • Z Fold4
  • Z Fold3 5G
  • Z Fold2 5G
  • Fold

• A Series:
  • A15
  • A25
  • A54
  • A32 5G
  • A42 5G
  • A52 5G
  • A50
  • A51
  • A51 5G
  • A53 5G
  • A70
  • A71 5G 

It is important to note that Samsung Wallet is available only on Android 9 or above devices. The features available and content may vary by country and region, device model, carrier, and firmware version.

What banks are compatible with Samsung Wallet?

Many different banks across the UK accept and support Samsung Wallet payments.

You can use Samsung Wallet at financial institutions, including:

• American Express
• The Co-Operative Bank
• First Direct
• HSBC
• MBNA
• M&S Bank
• NAtionwide
• Santander
• John Lewis Finance (in partnership with Waitrose)
• Starling Bank

It is worth bearing in mind that many other banks can accept payments made via Galaxy devices, such as a Galaxy phone. Samsung Wallet, a more sophisticated version of Samsung Pay, is designed to facilitate fast and secure authentication that enables safe payments.

How you can use Samsung Wallet as a business owner

As a business owner, you can easily accept payments made using the Samsung Pay app when your customers launch their Samsung Wallet.

Accepting payments can be done in a few easy steps:

1. You can use your existing point-of-sale (POS) terminal, as Samsung Pay and Samsung Wallet work with practically any magnetic stripe terminal. 
2. If you don’t have a POS device, you can opt for a Near Field Communication (NFC) terminal compatible with Samsung Pay.
3. Once your customer is ready to pay, they will open the quick access tab and ensure their card details are open to make contactless payments. This is done by first verifying their biometric data, such as fingerprint recognition.
4. Once ready, customers simply hover the open app on their Samsung device over the POS terminal, and payment is ready to be accepted.

And that’s it. You are ready to start accepting payments.

Is Samsung Wallet safe to use?

If you wonder whether Samsung Wallet is secure, the answer is a resounding yes. This app is protected by the company’s security platform, Samsung Knox. It includes fingerprint recognition and encryption that ensure important user data such as payment information, bank cards, a digital key, and other sensitive details are protected. 

Furthermore, in terms of storage, it offers an added layer of protection by storing sensitive information in an isolated environment. This creates an extra defense against potential hacking attempts.

Some other ways in which it protects and safeguards sensitive information and privacy include tokenisation. In payments, tokenisation is the process of replacing sensitive card information with a device-specific token, acting as a surrogate value.

This token contains a set of alphanumeric characters that cannot be decrypted or deciphered. Even if a malicious actor accessed a token, it would be meaningless to them, and they could not exploit a user’s card details.

A further way in which your security with Samsung Wallet is protected is through Samsung Knox, which constantly monitors and protects users’ phones from malware and other threats.

In addition, Samsung Knox offers a security design where highly sensitive operations and information are kept on a portion of the mobile phone’s memory. This is also referred to as a “secure environment.” This environment is not accessible via normal applications or malware, making Samsung Wallet a highly secure app and service.

Does Samsung Wallet charge a fee?

The good news is that you do not need to pay anything to download the Samsung Wallet app. It is absolutely free. Moreover, you will not be charged anything when you purchase with a card or a default card.

The merchant pays the transaction cost of in-store and online payments. So, the price you see for your product or service is the price you pay, with no additional costs. However, there may be some limitations regarding using Samsung Pay as part of Samsung Wallet.

This is due to contactless payment rules that regulate how much you can pay contactlessly without needing to enter a PIN number when using multiple cards.

Does Samsung Wallet need data?

Samsung Wallet requires you to input sensitive data in your app. However, this information is encrypted and sent to Samsung servers. Ultimately, it is sent to your card issuer’s payment network, which may include Visa, Mastercard, American Express and others, for approval.

Your card issuer may require a one-time password (OTP) to verify your credentials as the cardholder. This OTP is an extra security check to prevent your card from being added to a Samsung Wallet fraudulently in the event your card is stolen or lost. This procedure is done each time you add a new card to your Samsung Wallet.

Furthermore, when you make a payment, you will be required to authenticate your identity using your fingerprint or a Samsung Wallet PIN before your card information is sent to a payment terminal.

On the receiving end of the payment, the merchant will only receive a token, as your information will be kept secure. This token will then be sent to the payment network, undergo a process of decryption, and be verified. Once authenticated, the payment will be approved and transferred into the merchant’s account.

Conclusion

With so many compatible devices within the Samsung Wallet ecosystem, it’s now possible to unlock or lock your digital car using your Samsung Wallet app. It’s also possible to make payments in fast mode and with extra layers of security to ensure seamless transactions both in-store and online.

You can also use your Samsung Wallet app, which includes public transportation networks, storing boarding passes, concert and event tickets, digital ID cards, driver’s licences, and so much more. Overall, Samsung Wallet is an enhanced extension of Samsung Pay, offering a broader range of features and functionalities.

Merchants interested in accepting Samsung Wallet will do well to ensure they accept NFC and contactless payments to catch more sales and help their business grow.

Frequently Asked Questions

Is Samsung Wallet different from Samsung Pay?

The Samsung Pay app was developed in 2015, while Samsung Wallet was released in 2022. Samsung Wallet is built on the Samsung Pay app as an extension with additional functionalities and features, such as Samsung Pass.

How can I migrate from Samsung Pay to Samsung Wallet?

It is possible to migrate from Samsung Pay to Samsung Wallet. However, you should check that you have the latest version of the Samsung Pay app and your phone has the latest software. Once you’re ready, you can open the Samsung Pay app, tap on the menu, tap “About”, and then tap on “Check for update”. If your device is eligible, you will see a prompt that enables you to download Samsung Wallet. You can then follow the on-screen instructions to download and install the app update on your phone.

Is purchasing from Samsung Wallet different from Samsung Pay?

There is no difference in making payments between Samsung Wallet and Samsung Pay. Because Samsung Wallet is built on Samsung Pay, you can easily shop and make payments with the Samsung Wallet app anywhere you see the Samsung Pay logo or “Samsung Pay accepted here” message. You can also make payments where the NFC contactless payments symbol is displayed.