Samsung Wallet shutting down to give way to Samsung Pay on 30 June

Samsung is reportedly planning to discontinue its 'Samsung Wallet' service on June 30 to make way for the new Samsung Pay, which is scheduled to launch this year. Samsung informed its users that any tickets or reservations made by them through Wallet will be available after it shuts down, but everything else will be disabled post 30 June.However, Samsung has not mentioned any reason for this move, SamMobile reported. Most likely, the reason is Samsung’s upcoming payment service – Samsung Pay.Them email sent by Samsung to its users is listed below.[caption id="attachment_267441" align="aligncenter" width="640"] Image: SamMobile[/caption]Samsung’s Wallet service was originally introduced in 2013 during a developer conference at Mobile World Congress. At the time, Samsung had tied up with several partners who were supporting the Wallet passes when the app launched such as Expedia, Booking.com, Hotels.com and Lufthansa. On the other hand, Samsung pay is the company's new mobile payment system that works with the newly launched Galaxy S6 and Galaxy S6 Edge. This service allows users to take advantage of the magnetic stripe and NFC-based payment systems.An earlier report pointed out that Samsung Pay promises to be more secure than plastic. With both services, the merchant gets a substitute 16-digit card number stored on the device. A verification code is created for each transaction, based in part on unique keys on the phone. Even if hackers get that substitute number, they need the actual phone for the verification code.