Mobile payment is still relatively new but there are only a few services that have been successful in the industry. Unfortunately, Samsung Wallet won’t be in that category as Samsung is about to discontinue the payment service only after a little more than two years. It was developed as a mobile app which was immediately marked as an Apple Pay rival.
The South Korean launched the Samsung Wallet in 2013 and partnered with several vendors to use the mobile payment system. It’s Samsung’s first venture into such payment scheme but it will replaced soon by a new one in partnership with LoopPay, a startup acquired by the tech giant.
Samsung hopes to rival Google Wallet and Apple Pay with the upcoming mobile payment product. We’re hoping this new one will do more than just store loyalty and credit cards, as well as, collect coupons and help companies market the brands, products, and services. The new product known as the Samsung Pay will be replacing Samsung Wallet. The latter will cease operations exactly on June 30 in all countries. This was somehow expected since the Samsung Wallet store now shows a message about the change.
Samsung explained, “One of our company’s core values is to guarantee the best user experience. We feel today that we can no longer guarantee this experience.”
Individual Samsung accounts will remain while company information will still come under the existing privacy policy of Samsung. Vendors and partners should start removing all Wallet signs, icons, and buttons. The Samsung Wallet API will also cease to work. Until the Samsung Pay is officially launched this summer, Samsung phone owners will have to wait. As usual, the service will be available in the latest flagship phones first–the Samsung Galaxy S6 and Galaxy S6 edge.
What’s good about the new Samsung Pay is that it will work with older and traditional point-of-sale terminals commonly found and used in stores. No need to buy a new device compatible because the mobile payment service will work on old systems.
VIA: SlashGear
