Samsung unveils crypto wallet for storing digital currencies on its new smartphone S22

Samsung unveils crypto wallet for storing digital currencies on its new smartphone S22

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Answer Samsung unveils crypto wallet for storing digital currencies on its new smartphone S22

Samsung has unveiled its latest flagship smartphones loaded with new features and functionality dedicated to Crypto.

The technology giant announced a new wallet called “Samsung Wallet” at its “Unpacked 2022” virtual event, which also witnessed the unveiling of its new smartphone, “Galaxy S22 Ultra”.

The digital wallet has been promoted as being able to access and explore complex digital products such as cryptocurrencies.

The wallet can also securely store personal identification information and data such as IDs, driver’s licenses, as well as digital home or car keys, credit and debit cards, boarding passes, and vaccination records.

The Secure Payment Wallet will work in conjunction with the company’s payment platform Samsung Pay.

Read:SABB Bank succeeds in executing the first blockchain transaction between Saudi Arabia and Bahrain

Security is provided by Samsung’s “Knox Vault” platform that encrypts sensitive information and blockchain keys and isolates them from the phone’s main operating system.

Samsung ramps up competition with Apple:

The new wallet from “Samsung” entered into direct competition with the “Apple” wallet, which also securely stores sensitive personal data.

However, Samsung is one step ahead by enabling cryptocurrency storage and payments while Apple does not.

There was very little information about crypto-functions, supported digital tokens, and asset storage system in Samsung’s announcement yesterday, February 10.

On February 8, Apple announced improvements to its Apple Pay system with plans to introduce Tap to Pay on the iPhone.

Apple is preparing to create a new feature that allows integrating cryptocurrency payments

This feature will offer contactless payment functionality to merchants across the US, but there is no support for cryptocurrencies as the tech giant remains skeptical and hesitant about it, while the company is giving third parties the freedom to use it.

Read:Coinbase faces crypto patent infringement case amid declining trading volumes on its platform

Read also:

The European Union is studying and preparing to legislate the digital euro by 2023

IMF chief: CBDCs could be safer and cheaper than cryptocurrencies

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