Samsung, the South Korean electronics behemoth, has launched its latest flagship smartphone, which is chock-full of crypto features and capabilities.
The Samsung Wallet was unveiled at Samsung's "Unpacked 2022" virtual event, which also featured the launch of the Galaxy S22 Ultra smartphone.
The wallet was advertised as having the ability to "access and study complicated digital products" like cryptocurrency.
According to reports, it can also securely store personal credentials including student IDs, driver's licenses, and state IDs, as well as digital keys, credit and debit cards, airline permits, and vaccination data.
Samsung Pay, the company's own payment platform, will function with the secure payment wallet. Samsung's Knox Vault platform provides security by encrypting sensitive data and blockchain keys and isolating them from the phone's main operating system.
Samsung is upping the ante on Apple
The new wallet competes directly with Apple Wallet, which likewise securely holds critical personal data. Samsung, on the other hand, is a step ahead of Apple in that it supports crypto asset storage and payments, which Apple does not.
In Samsung's February 10 announcement, however, there was virtually little information on crypto capabilities, supported coins, or asset storage mechanism.
Apple announced upgrades to its Apple Pay system on February 8, including plans to introduce "Tap to Pay" on the iPhone.
The functionality will allow retailers across the United States to accept contactless payments, but it will not support cryptocurrencies because Google is still suspicious about them.
Samsung has also entered the world of non-fungible tokens (NFTs). In early January, reports say that its 2022 TV collection will handle NFTs natively, allowing clients to purchase crypto art directly through a platform on the company's smart TVs.