Samsung Wallet to be discontinued from June 30; likely to launch a new payment service

New Delhi: Samsung Wallet is reportedly shutting shop as the South Korean electronics giant looks at a new payment service to be released this year.

Samsung Pay is similar to Apple Pay and uses near-field communication or NFC to make payments by simply tapping the phone on a retail store’s payment machine.

The payment service is said to be the likely replacement of Samsung Wallet and is speculated to be released this summer.

A report on Sammobile notes that Samsung is currently emailing all Samsung Wallet users that the service will be discontinued on June 30.

Although there is no exact reason given by the company for the shutdown, but the lineup of Samsung Pay is a clear indicator of the touted replacement.

The mail says that any tickets or reservations made by users through Samsung Wallet will be available after its termination, but everything else (like creating new reservations) will be disabled post the termination date (June 30).