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Samsung announced it would be expanding its digital wallet to reach more markets. The company created its own mobile payment and digital wallet service and officially named it the Samsung Wallet.
Samsung made the electronic wallet using LoopPay’s technology. It is a software company that was acquired by the Korean tech giant for $300 million in February 2015.
As per the report, Samsung Wallet was launched as a mobile wallet system in 2013, and it was later merged with Samsung Pay after it was introduced in 2015. At this time, Samsung Pay was already made available in the United States.
In any case, Samsung revealed in June 2022 that it had scrapped Samsung Pay and was permanently replaced by Samsung Wallet. The new digital wallet was then activated in more than 12 countries, including the United Arab Emirates, Qatar, Finland, Switzerland, and Norway.
This year, Samsung said it would be adding more markets to the list as part of its expansion strategy for this year. The company will be bringing its own brand of digital wallet to eight or more countries, and implementation is set to start at the end of this month.
The company mentioned these countries as locations for its latest expansion - Hong Kong, Singapore, Malaysia, India, Taiwan, Canada, Brazil, Australia, and Brazil. All in all, Samsung Wallet is now active in 12 nations and is expected to increase to 29 in the coming weeks.
“When Samsung launched Samsung Wallet last year, we committed to building the experience through open partnerships with our business and service providers and ensuring access to the platform for as many people as possible,” Samsung Electronics executive vice president and head of the digital wallet unit at eXperience Business, Jeanie Han, said in a press release. “Over the past several months, we have worked hard to rapidly expand the availability of Samsung Wallet, bringing the platform to more potential users. We look forward to sharing exciting new developments in the year ahead.”
