This collaboration aims to provide banks and card issuers with an efficient way to expand their digital wallet offerings, giving U.K. consumers more options to make payments conveniently and securely, the companies said in a Wednesday (Dec. 6) press release.
By incorporating Wallet Express into their services, issuers can offer their customers Samsung Wallet, which allows for various payment methods, including the use of Galaxy wearable devices, according to the release. Paying with a Galaxy Watch, for example, enhances the in-store shopping experience by providing greater speed and convenience.
“We’re proud that Samsung is joining our Wallet Express program, which provides consumers with a broad range of choice,” Valerie Nowak, executive vice president of product and innovation at Mastercard Europe, said in the release. “It seamlessly integrates Samsung Wallet into their banking experience, allowing flexibility to decide how consumers make payments using their favorite Galaxy mobile and wearable devices.”
Samsung Wallet, launched last year, combines the mobile payment experience of Samsung Pay and Samsung Pass into a comprehensive digital wallet, according to the press release. With it, users can organize digital keys, boarding passes, identification cards and more in one secure and user-friendly platform.
“Millions of people already choose Samsung Wallet, and this partnership will give more people the opportunity to use the safe and secure Samsung Pay service on their Galaxy device,” Teg Dosanjh, vice president of Samsung Electronics Europe, said in the release.
The use of digital wallets for both in-store and online payments is growing among consumers in the United Kingdom, the release said. Building on the success of Wallet Express, Mastercard plans to launch two more iterations of the program in 2024 for all issuers in Europe.
PYMNTS Intelligence has found that a rising number of consumers are paying with digital wallets. Consumers are breaking out the smartphone more often at the checkout to use a digital wallet, with this payment method accounting for a higher share of online spending than in-store spending, according to “Digital Economy Payments: The Ascent of Digital Wallets.”