In addition to storing traditional payment methods like credit, debit and loyalty cards, Samsung will also allow users to manage their cryptocurrencies from its new Wallet app. Korean Air will also be Samsung's first partner for storing digital boarding passes. As for car keys, Samsung Wallet will support digital car keys for certain BMW, Hyundai and Genesis models.

The company says it's working with nine home security companies on virtual home keys, and Samsung Wallet will also integrate with the company's SmartThings platform. Samsung also wants its wallet app to serve as a hub for digital keys to your car and home, functionality that's already available on the iPhone. Read more: What iOS 16 and Android 13 Reveal About the Future of Smartphones Apple Wallet already supports virtual IDs in several states. Google also announcement in May that it's working with governments to incorporate IDs into Google Wallet. Samsung Wallet will support official forms of identification such as driver's licenses and student IDs later this year. Samsung Wallet is launching via an app update, and Galaxy device owners can migrate their information directly from the Samsung Wallet and Samsung Pass apps. The unified app signals an expansion of Samsung's efforts to make its service better compete with those offered by Apple and Google. The app combines Samsung Pay, its mobile payment service for storing payment cards and vaccine records, and Samsung Pass, which manages passwords and login information for apps and websites. Samsung is merging two existing services to create Samsung Wallet. Samsung previously announced its mobile wallet in February alongside the Galaxy S22, but only just launched the platform on Thursday. Apple and Google announced major updates for their own virtual wallet platforms in recent weeks. The company on Thursday launched Samsung Wallet, a new mobile wallet for storing digital keys, boarding passes, ID cards and credit cards.

Samsung is the latest tech giant trying to replace your physical wallet with a digital one that lives on your phone. Google recently announced a similar revamp to its Wallet app, while Apple is adding new features to Apple Pay.

Smartphone makers are attempting to replace the physical wallet with digital alternatives. Samsung just launched its mobile wallet platform for storing digital IDs, credit cards, car keys and other essentials.

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